The Coronavirus Business Interruption Loan Scheme is a new government scheme that can provide lending facilities of £50,001 up to £5 million for smaller businesses across the UK who are impacted by coronavirus, by accessing lending through your bank providing that you meet the eligibility and our own lending criteria.
After the first 12 months, the borrower is liable for any interest or fees on the debt. The borrower will remain liable for repayment of 100% of the borrowing.
Whilst under the scheme, personal guarantees will not be taken for borrowing under £250,000, the Bank will continue to adhere to its existing security requirements and may request debentures and commercial property as security where applicable and available. Security may be required for facilities over £250,000 including Personal Guarantees, but Primary Residential Property will not be taken as security under the scheme and recoveries under the Personal Guarantee are capped at a maximum of 20% of the outstanding balance of the CBIL facility after the process of business assets have been applied. The government provides a guarantee to the bank for the facility.
Subject to status and eligibility, Terms and Conditions apply.
All sectors can apply excluding:
A full list of eligible and excluded sectors can be found here:
If you don't meet the CBILS eligibility you may still be able to apply for our usual range of lending.
The Co-operative Bank is one of the registered firms to subscribe to the Standards of Lending Practice which set the benchmark for good lending practices in the UK. The Standards outline the way registered firms are expected to deal with their customers throughout the entire product life cycle.
For more information on the The Standards of Lending Practice please visit the Lending Standards Board website.
You can also view further information on our commitments to our business customers and what we ask of you.