Coronavirus Business Interruption Loan Scheme
What is CBILS?
The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to provide financial support for SMEs across the UK during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
Sonovate is able to offer CBILS invoice finance facilities alongside our current product offering to both new and existing customers.
Is my business eligible?
Sonovate is able to provide CBILS supported invoice funding to businesses that meet the following criteria:
- Is a UK registered business
- Generate over 50% of turnover from UK activity
- Have a turnover of no more than £45m per year
- Funding would have been viable prior to the impact of the Coronavirus
How can I find out if I'm eligible for CBILS?
What documents do I need to apply for CBILS invoice finance?
How do I apply?
How long will my application take?
How will I get updates?
Can I get a loan from Sonovate?
What if I'm currently using existing Government support?
I’m an existing Sonovate customer. Can I apply for CBILS funding?
I’m new to Sonovate, can I apply for CBILS funding?
What kind of CBILS funding can I get through Sonovate?
What businesses are not eligible to fund under CBILS?
How much funding can I get through the CBILS?
How long can I fund through CBILS?
How do I fund a contract / perm placement or consultancy engagement through CBILS?
What kind of security will Sonovate take?
Who’s liable for the debt?
What if my client doesn’t pay or stops trading?
What happens when the CBILS scheme ends?
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS