The Coronavirus Business Interruption Loan Scheme (CBILS) run by the Government is now open for applications.
The scheme means that the Government pays for the arrangement of your loan, and your interest for the first 12 months.
About the loan fund
- Unsecured business loans of £10,000 - £60,000
- Repayable over 1 - 4 years, but no fees to repay early
- No set-up or completion fees
- No director guarantees required
- An interest rate of 17% but no interest to pay in the first 12 months
- Be based in England or Wales, and aged over 18
- Be a limited company
- Have 12 months of trading history (i.e. have been generating an income for a year)
- Be able and willing to share business and personal bank and finance information