UK Coronavirus Business Interruption Loan Scheme
CBILS provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 outbreak.
Silicon Valley Bank (SVB) is accredited to lend under the Coronavirus Business Interruption Loan Scheme (CBILS).
We continue to support our clients through a number of our own initiatives, as well as our involvement in government backed programmes like CBILS and CLBILS.
We understand how critical it is for many innovation businesses to get access to working capital during these challenging times and we’re committed to supporting as many of our clients as possible. At this time, we’re accepting CBILS applications from our existing SVB clients.
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). 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). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS.
The scheme is part of a wider package of government support for UK businesses and employees. It provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 outbreak.
Eligible businesses can borrow from SVB between £500,000 and £5 million in term loans over a maximum of five years.
To receive a loan from SVB under the CBILS programme, SVB clients will first need to meet certain eligibility criteria set out by the British Business Bank. If you meet this, we’ll then assess your application in accordance with SVB’s lending criteria.
It’s important to note that loan approval is not guaranteed or automatic but we’re committed to supporting as many of our clients as we can. You’ll need to provide detailed information to determine your eligibility. We’ll then carry out a full review and credit checks.
If you’re a client of SVB and interested in checking your eligibility, please contact your Relationship Manager or call our UK Client Services team on 0800 023 1441 or +44 207 367 7881 from outside the UK.
The government will guarantee loans under the CBILS programme but the guarantee applies to the lender and not to borrowers, so you’ll be responsible for repaying 100% of the loan.
Click here if your annual group turnover is more than £45 million as you may be eligible for CLBILS.
Lending for the Coronavirus Business Interruption Loan Scheme is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business. You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
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Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group, a Delaware corporation. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC.
Silicon Valley Bank is covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. In relation to the Financial Services Compensation Scheme, please ensure that you review the important information on depositor preference that affects clients of Silicon Valley Bank in the UK. Details of Silicon Valley Bank’s UK Branch remuneration policies are here.