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.
UK – Coronavirus Business Interruption Loan Scheme (CBILS)
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.
The CBILS scheme will close at the end of 2020 and we're accepting applications for lending under this programme until 11:59pm on 6 November 2020.
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 & 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. 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, you 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 and 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 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 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.