The deadline for applying for a CBILS loan or overdraft was 31 March 2021. Therefore, the scheme is now closed to new applications.
The Coronavirus Business Interruption Loan Scheme was a government scheme that provided lending facilities of £50,001 up to £5 million for smaller businesses across the UK who were impacted by coronavirus, by accessing lending through their bank.
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.
In order to complete a full early settlement, we require a letter signed in accordance with the account mandate to be emailed to email@example.com or to be posted in for the attention of Relationship Support to:
3rd Floor Balloon Street
For partial early settlements you can make a transfer to your loan account at any time over the phone via the telephony team on 03457 213 213 (call charges) or by sending a letter signed in accordance with the account mandate to be emailed to firstname.lastname@example.org. Alternatively you can post this for the attention of Relationship Support to the above address.
If you have a Relationship Manager please email the above instruction to them in the first instance.
You can also overpay your loan by setting up a regular standing order for additional payments over the phone or in writing as detailed above.
For each of these options, there is no early repayment fee however if security is to be released we would charge a £50 release fee for each item of security.
Important documents for customers who have opened a CBILS loan.
Now the Coronavirus Interruption Loan scheme has closed, we're no longer accepting applications but you may still be able to apply for our usual lending products.
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.
Calls to 0800 and 0808 numbers are free from landlines and mobiles. Calls to 03 numbers cost the same as calls to numbers starting with 01 and 02. Calls to 0845 and 0870 numbers cost 3p per minute, plus your phone company's access charge. Calls to 0844 and 0843 numbers cost 7p per minute, plus your phone company's access charge. Charges for calls made outside of the UK will be determined by your local provider.
Calls may be monitored or recorded for security and training purposes.