Where the banks do not lend, we are here to help, now also with CBILS. During the COVID-19 crisis we continued to stand by our SMEs and entrepreneurs by advancing new loans. We now want to give them a boost out of this crisis, with CBILS.

About CBILS

The Coronavirus Business Interruption Loan Scheme (CBILS), is delivered through British Business Bank accredited lenders and partners, and it is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak. Fiduciam as an accredited lender is proud to have been able to assist smaller businesses across the UK who were experiencing lost or deferred revenues because of COVID-19 with CBILS facilities. The scheme is now closed for new applications.

Up to £5m

The maximum value of a facility provided under the scheme is £5m, which can be available in a single drawdown or multiple drawdowns. The minimum for a Fiduciam CBILS facility is £250k.

Interest & fees paid by the government for 12 months

The government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower finance costs.

New and existing customers

Both Fiduciam’s existing customers and new customers can take advantage of Fiduciam’s CBILS offering. The same benefits apply to both new and existing customers.

Refinance of existing debt

Subject to certain conditions, existing debt can be refinanced with a CBILS facility.

Lower interest rates

Not only does the government cover the interest rates for the first 12 months, our overall interest rate levels have been reduced to reflect the guarantee the government provides to Fiduciam.

No early repayment or exit fees

Our CBILS facilities come without early repayment or exit fees, providing the customer full flexibility in these uncertain times.

No application fee

We have waived our application fee, to make it easier for prospective borrowers to check their CBILS eligibility and loan terms.

Repayment terms of up to three years

Although CBILS finance terms are up to six years for term loans, in the case of Fiduciam they are three years as we are a short-term lender.

Government-backed guarantee to the lender

The scheme provides the lender with a government-backed, guarantee against the outstanding facility balance. The borrower however always remains 100% liable for the debt.

Personal guarantees capped at 20%

Recoveries under personal guarantees are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied. A guarantor’s principal private residence cannot be taken as security to support a personal guarantee or as security for a CBILS backed facility.

Committed to SMEs

As always, where the banks do not lend, we are here to help. We were glad to give SMEs a boost out of the COVID-19 crisis with CBILS. We are proud to have been accredited for CBILS by the British Business Bank. The scheme is now closed for new applications.

CBILS eligibility criteria

Smaller businesses from all sectors can apply for the full amount of the facility. To be eligible for a facility under CBILS, a smaller business must:

  • be UK based in its business activity, with turnover of no more than £45m per year;
  • have a borrowing proposal which, were it not for the current pandemic, would be considered viable by Fiduciam; and
  • self-certify that it has been adversely impacted by the Coronavirus.

Full details on CBILS eligibility criteria can be found on the British Business Bank website at: www.british-business-bank.co.uk

Please note: the following are not eligible under CBILS: banks, insurers and reinsurers (but not insurance brokers); public sector bodies and state funded primary and secondary schools.

Fiduciam underwriting criteria

The CBILS loans must be within Fiduciam’s standard lending criteria. Property security is required in line with Fiduciam’s standard lending policy.

Fiduciam loan products offered as CBILS loans:

  • Business Bridge Loans
  • Refurbishment Loans
  • Permitted Development Loans
  • Development Loans

Maximum LTVs — non-trading properties:

  • 70% residential property
  • 70% semi-commercial property
  • 65% commercial property

Maximum LTVs — trading properties:

  • 70% vacant possession value, 60% operating value

Disclaimer

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

Coronavirus Business Interruption Loan Scheme

Fiduciam has been approved by the British Business Bank as a new accredited lender to provide loans through the Coronavirus Business Interruption Loan Scheme (CBILS). If you are interested in learning more about our CBILS loans, or would to apply for a CBILS loan, please contact us:

ENQUIRE NOW

Further information can be found on the following websites:
British Business Bank CBILS Guidance
Government CBILS Guidance

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+44 203 290 1933 (United Kingdom)

+353 85 257 6488 (Ireland)

+31 35 303 1360 (Netherlands)

+44 208 075 9370 (Spain)

+49 173 194 0983 (Germany)

Email Us

contact@fiduciam.co.uk

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5-7 John Prince’s Street | London W1G 0JN