Coronavirus Business Interruption Loan Scheme (CBILS)
Get information about your CBILS loan, early repayment options and important documents about your loan.
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Please note: the Coronavirus Business Interruption Loan Scheme is closed to new applications.
About your loan
You did not pay any interest for the first 12 months from drawdown of your CBILS loan or from when your overdraft was made available to you. After the first 12 months, you became liable for any interest or fees on the debt. You remain liable for repaying all of your loan.
The interest rate on your CBILS loan is variable and based on the prevailing Bank of England base rate, plus the appropriate interest margin.
Security and personal guarantees
The government provides a guarantee to us for the loan. However, we may require security from you. The type of security we require depends on the amount you borrowed under the scheme.
If you borrowed less than £250,000
If you borrowed less than £250,000, we will not take personal guarantees. However, we may request debentures and commercial property as security where applicable and available.
If you borrowed more than £250,000
If you borrowed more than £250,000, we may require security, including personal guarantees. However, we will not take primary residential property as security. Recoveries under any personal guarantees are capped at a maximum of 20% of the outstanding balance of the loan after the process of business assets have been applied.
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Please note: any property given as security may be repossessed if you do not keep up repayments on your loan or other debts secured on the property.
If you want to repay all of your loan
To repay all of your loan, email a letter signed in accordance with your account mandate to your Relationship Manager.
If you do not have a Relationship Manager, email the letter to bblsqueries@co-operativebank.co.uk.
Alternatively, you can post it to Relationship Support, No.2 Cathedral Square, The Cloth Market, Newcastle Upon Tyne, NE1 1EE.
Please note: if the loan is a partnership account, the letter must be signed by all partners.
If you want to repay part of your loan
To repay part of your loan, email a letter signed in accordance with your account mandate to your Relationship Manager.
If you do not have a Relationship Manager, call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 12 noon. Call charges apply.
Alternatively, you can email the letter to bblsqueries@co-operativebank.co.uk or post it to Relationship Support, No.2 Cathedral Square, The Cloth Market, Newcastle Upon Tyne, NE1 1EE.
Please note: if the loan is a partnership account, the letter must be signed by all partners.
You can also repay your loan early by setting up a standing order or recurring payment for additional payments from your Co-operative Bank account.
Find out how to set up a standing order or recurring payment
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Call us
If you need more information about your BBLS loan, call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm, Saturday 9am to 12 noon. Call charges apply.
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Financial difficulty
If you’re struggling to repay your loan or worried about your business, we’re here to help.
Drawdown
The date on which funds are received from a lender under a loan agreement.
Variable interest rate
When a rate is advertised as variable, it means that it could go up or down.
Interest margin
A rate that is added to the prevailing Bank of England base rate to calculate the total interest on your CBILS loan. The interest margin is determined by the financial status of your business and agreed with you at the start of your loan term.
Personal guarantee
A legal agreement that makes someone responsible for paying back a loan if the business is unable to do so.
Debenture
A document that grants security of a company’s assets to a lender in exchange for funding.
Primary residential property
A property that someone owns and is their only or main residence.
Disclaimer:
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 www.british-business-bank.co.uk/CBILS
Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.