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What is the Coronavirus Business Interruption Loan Scheme (CBILS)?

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We’re finding it hard to find any business that hasn’t been adversely affected by the Coronavirus, Covid-19. Except as our friend, Chris Badger of Argentum Finance Ltd.* said, Netflix and Amazon!

That’s why the Government have very helpfully come up with an interesting loan** scheme that seems incredible. If you believe the old adage that if it sounds too good to be true, it probably is, then you’ll be most surprised by this loan. Because this time, it is true!

Chris has assured us that the CBILS helps small and medium sized businesses get funding for business purposes, from £50k to £250k… That’s ‘business purposes’, £250,000!

We asked if there were limits to what you could spend it on, or the size of your turnover, but no, the only caveats are that you have been trading for three years or more, are making a profit, you’re UK based and not a bank or public sector body such as a school and your business has been affected by the pandemic (who’s hasn’t?!)

Here’s the best bits of the CBILS

  • Borrow up to 25% of last year’s turnover
  • Repay 1.8% apr, a massive drop from the normal unsecured business loans rates pre-virus
  • Year one of the interest is paid by HMRC, and so are all the lender agreement fees
  • A 12 month capital holiday, so no repayments at all for a year!
  • No security or Personal Guarantees required
  • Only need to provide 6 months of bank statements and 2 years company accounts
  • Up to 6 year repayment terms
  • You can use this loan for most business purposes
  • No early settlement fee after the first 4 months
  • Easy application process, managed by Chris – He’ll handle everything for you
  • Quick fund delivery
  • Scheme ends 23rd September, so there’s guaranteed to be a rush in the next few weeks…

All this means that you could in fact borrow a large sum of money as a contingency plan for mitigating future financial difficulties, or use it for business growth or acquisition. If you end up not using the funds, they can be paid back without penalty!

We’d like to introduce you to Chris Badger, our chosen trusted broker for CBILS.

Chris Badger, Commercial Finance Consultant

Chris specialises in business loans and business asset finance for machinery, cars and vans, commercial kitchens and other items. We have known Chris now for almost a decade, working together as referral partners and regularly meeting over breakfast or a coffee. We trust Chris to advise us on our finances, and so are always happy to introduce our customers to his services.

A whole of the market provider, Chris works closely with his clients to understand exactly what their needs are and acts as financial ‘matchmaker’, ensuring you are perfectly matched to right lender.

Some of Chris’ more unusual successes include securing funding for an imported coffee roasting machine from the States, where the client wasn’t able to find a lender willing to help. Chris has also helped with hire purchase financing for air conditioning units in a cafe/bar and even shipping containers. In between these he has financed vans, trucks and cars for businesses and can almost always get a better deal than the dealers.

However, in his own words, Chris ‘does love the quirky’!

If you’re looking for funding for a commercial use that you think is out of scope, or if you want to avoid the last minute rush for a CBILS application, get in touch with Chris on and tell him we sent you! You won’t regret it.

*Argentum Finance Ltd are credit brokers. Authorised and regulated by the Financial Conduct Authority 741729.

**All finance is subject to status, deposit terms and credit checks.

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