The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through British Business Bank accredited lenders and partners, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The scheme provides Aspen Bridging with a government-backed guarantee to facilitate lending. The Government guarantee is to Aspen Bridging (‘the lender’) and the borrower remains liable for 100% of any facility that may be provided.
The scheme provides SME Borrowers with a Business Interruption Payment which covers interest and Lender levied fees for a period of 12 months. By applying for the BIP the SME agrees that the UK Government may pay amounts directly to the Lender.
Our CBILS Term Loan accreditation enables us to provide CBILS-backed Residential 1st charge Bridging Finance for a term of 12 months, with no interest or lender-levied fees payable and no early repayment charge beyond month 3. This can be used for development exit and finish and exit loans.
If you are an existing introducer please email your case to CBILS@aspenbridging.co.uk
If you are a new introducer please register on our online portal first and then email us per the above.
The CBILS Scheme is 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