Budget 21: CBILS to be replaced with new recovery loan scheme

CBILS is available for small to medium enterprises (SMEs) affected by COVID, through more than 100 accredited lenders across the UK. 

Budget 21: CBILS to be replaced with new recovery loan scheme

Budget 21: Chancellor Rishi Sunak (pictured) has confirmed that the Coronavirus Business Interruption Loans Scheme (CBILS) will be replaced with a new recovery loan scheme. 

 

CBILS is available for small to medium enterprises (SMEs) affected by COVID, through more than 100 accredited lenders across the UK, guaranteeing facilities up to a maximum of £5m.

Under the new scheme, businesses of any size can apply from £25,000 to £10m through to the end of 2021, and the government will provide a guarantee to lenders of 80%.

Sunak said: "We have announced over £280bn of support, but the damage done by coronavirus has been acute.

"We will continue doing whatever it takes to support British people and businesses."