The Coronavirus Business Interruption Loan Scheme (CBILS) was designed to support UK businesses that were losing revenue and saw cashflow disrupted as a result of the COVID-19 outbreak. JCB Finance Ltd is an accredited Lender of The British Business Bank to provide CBILS - backed Hire Purchase facilities but the scheme is now closed for new applications.
Key features were;
- Available via JCB Finance on HP Fixed and HP Plus.
- No capital payments for 6 months.
- No interest payable in the first 12 months.
- Interest to be charged at 3.99% per annum fixed.
- Net interest rate after interest support is 2.39% per annum.
- Up to 53 month term.
- No customer fee to access scheme.
- No personal guarantees for facilities under £250k.
- The borrower remains 100% liable for the facility at all times.
Businesses could apply if;
- The business is based in the UK with turnover of no more than £45m per year.
- Had been negatively impacted by Coronavirus.
- Had a borrowing proposal which, were it not for the current pandemic, would be considered viable by JCB Finance .
- The business generates more than 50% of your turnover from trading activity.
- The CBILS-backed facility was to be used to support primarily trading in the UK.
Businesses could not apply if;
- They operated in one of the following industries; Banking, Building Societies, Insurers and Reinsurers (but not insurance brokers) or the public sector, including state funded primary and secondary schools.
The Coronavirus 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 & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.
The Coronavirus Business Interruption Loan Scheme is now closed to new applications.