CBILS Variable Rate Loan
If you need lending support during the Coronavirus outbreak, we're helping business customers by offering variable rate loans through the Coronavirus Business Interruption Loan Scheme (CBILS). CBILS helps customers with a variable rate loan by ensuring that they don’t need to pay any interest and arrangement fees for the first 12 months.
CBILS loans are available to existing Co-operative Bank Business customers only, with options to borrow between £50,001 to £5million, depending on your business entity type, with a repayment period of between 3 months and 6 years.
CBIL Scheme exclusions
All sectors can apply excluding:
- Banks, insurers and reinsurers (but not insurance brokers)
- Public-sector bodies
- Further-education establishments, if they are grant-funded
- State-funded primary and secondary schools
- Pension schemes
A full list of eligible and excluded sectors can be found here:
Product features
- Apply to borrow between £50,001 and £5 million
- Repayment period is between 3 months and 6 years
- Interest is charged on a monthly basis
- For CBILS variable rate loans, you will not have to pay any arrangement fees or interest charges for the first 12 months.
- After the first 12 months, you will be liable for any interest or fees. You will remain liable for repayment of 100% of the borrowing.
- Loans may be offered on an unsecured or secured basis (there may be additional valuation and/or legal fees where security is required).
- The interest rate is based on the prevailing Bank of England base rate, plus the appropriate interest margin which will be determined by the financial status of your business
- Asset purchases must be in the name of the borrower / business (not director / shareholder)
- We do not lend for residential property development / investment, pension funds or to businesses domiciled outside of the UK.
Facilities
The amount you’re requesting must be within at least one of the following thresholds. As part of your application, you will be asked to tell us which threshold your proposed borrowing is within, and you'll be required to provide any documentation you have to evidence this:
- Double the annual wages bill of the business (including social charges as well as the cost of personnel working on the business’ site but formally in the payroll of subcontractors) for 2019, or the last year available. If the business was established on or after 1 January 2019, the business will need to provide an estimated annual wage bill for the first year of its operation;
- 25% of the turnover of the business in 2019; or
- the cash flow needs of the business from the moment the facility is granted for the coming 18 months (or for the coming 12 months, if the business has more than 250 employees). The business cash flow plan may include both working capital and investment costs.
To apply, you and the key parties must meet the following criteria
Our lending criteria
- Be 18 years or over
- Be a UK resident
- Be an account signatory with authority to borrow on behalf of the business
- Hold a business current account with The Co-operative Bank
- Require the lending for business use
- Your business aligns to our Ethical Policy.
CBILS eligibility criteria
- Able to self-certify that your business has been impacted by the coronavirus (COVID-19)
- Be a UK-based business, with a total annual group turnover of no more than £45 million
- Looking for business funding ranging from £50,001 up to £5million
- Your business must generate more than 50% of its turnover from trading activity
- You're able to confirm that your business generates more than 50% of its turnover from trading activity (Further Education establishments and registered charities are exempt)
- Business not subject to collections or collective insolvency proceedings – this is part of The Co-operative Bank’s eligibility criteria.
Your application is subject to status and based on an assessment of your financial circumstances.
We aim to give you a decision within 10 business days of all the information being received. Occasionally, we may require additional information depending upon your circumstances.
We’re currently only accepting CBILS and BBLS applications from customers who have a personal or business current account with us. If The Co-operative Bank does not already provide your main business or personal current account please speak to your main bank or visit the British Business Bank for a list of accredited lending providers. We’re not currently able to process any CBILS or BBLS applications if you do not have a current account with us.
If you’re a personal current account customer and want to open a business current account to apply for CBILS or BBLS then you’ll be our key priority.
Please read the important documents below, and save copies of them for future reference.
If you don't meet the CBILS eligibility you may still be able to apply for our usual range of lending.
How to apply
To apply you need to complete and return:
- the relevant CBILS Loan application form for your business entity
CBILS Loan application for Sole traders & Partnerships
Download CBILS Loan application for Sole traders & Partnerships PDFCBILS Loan application for all other for-profit organisations
Download CBILS Loan application for all other for-profit organisations PDFCBILS Loan application for community organisations
Download CBILS Loan application for community organisations PDFImportant documents
You must read the important documents below and save a copy for future reference
CBILS pre-application information
Download CBILS pre-application information PDFCBILS Loan Terms and Conditions
Download CBILS Loan Terms and Conditions PDFStandards of Lending Practice
Download Standards of Lending Practice PDFHow we use your personal information
Download How we use your personal information PDFOnce you have completed all sections of the relevant CBILS loan application and signed the CBILS Data Protections and Disclosure Declaration please email to: lsunder@co-operativebank.co.uk
This email address is to pick up lending requests only. Any emails received that do not contain a lending request, we will unfortunately be unable to respond to.
If you would prefer not to send your personal information by email, you have the option to post your application to us at:
Lending Services
The Co-operative Bank p.l.c
P.O. Box 200
Skelmersdale
WN8 6YL
If you do post your application, we’ll process it within 10 days of it reaching us.
Disclaimer:
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).
Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.
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).
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