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Commenting on the launch of the new CBIL scheme Stephen Jones, CEO of UK Finance said:
?The banking and finance sector is committed and has the capacity to support viable businesses with their cashflow and investment needs. The CBIL scheme is an important additional solution to the support banks and finance providers who are already providing help to support SMEs through the cashflow pressures they may increasingly experience during this unprecedented period.
?Lenders who are accredited to offer finance under the scheme are moving as quickly as possible to provide this support which will be available through customers? usual contacts. Many lenders have online channels which customers can use to access the scheme. Businesses don't need to worry about the support running out as this will be available on an on-going basis for those eligible businesses that need it.
?To help their customers, firms are constantly keeping their websites updated with the latest information, which can answer many customer queries. For more detailed questions there are a range of different ways to get in touch, including through online chat, social media and mobile and banking apps. As you will appreciate phone lines are very busy at this time and we would encourage only those customers who are facing an immediate issue with their finances to call their provider in the first instance.?
For further information please visit ukfinance.org.uk/coronavirus-business-interruption-loan-scheme
<ol><li> UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> </ol><p> <strong>Key features of the CBIL scheme: </strong></p> <ol><li value="2"> The CBIL scheme is a borrowing facility designed to help businesses access finance through their bank or finance provider where a lender would not be able to provide finance to the business on their normal lending criteria.</li> <li value="3"> The CBIL scheme has been developed to provide cashflow support to businesses that need assistance due to Covid-19 and can also be used to provide businesses with funding for investment. The scheme can be accessed via the banks and accredited lenders.</li> <li value="4"> Available to eligible SME businesses the CBIL scheme is available to businesses with sales or turnover of no more than £45 million per annum.</li> <li value="5"> Available for terms of up to six years (aside from overdraft and invoice finance facilities which are limited to facilities up to 3 years).</li> <li value="6"> Eligible business will be able to access up to £5 million in finance up to a maximum six-year term. Any businesses taking out CBIL scheme finance remains liable for the full amount outstanding of any loan provided.</li> <li value="7"> The government will provide a grant payment to SMEs to cover the interest rate and initial fees levied by the lender (e.g. arrangement fees) in the first twelve months so that the SME does not have to cover these. </li> </ol>
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