The Coronavirus Business Interruption Loan Scheme (CBILS) is now closed to new applications. Read on to find out more about the range of measures that have been introduced to support businesses through the Covid-19 pandemic.
To help our valued community of borrowers, we have produced updated guides to download in an easy-to-use format. These contain details of schemes such as government-backed loans, job support and rates relief, with the content tailored for businesses in:
We will continue to update these guides as more information becomes available, so please visit our blog regularly to keep up with developments. If you are not a LendingCrowd borrower, please feel free to use and share these guides if they help.
Government support measures
A number of measures have been set out to support businesses through Covid-19. Find out more on the UK Government website.
Coronavirus Business Interruption Loan Scheme
CBILS, managed by the British Business Bank, closed to new applications on 31 March 2021. Lenders have until 31 May 2021 to make an offer, and the funds must be drawn before the end of June 2021.
LendingCrowd was accredited as a CBILS lender, offering loans from £50,001 to £250,000, with terms of either three years or five years. Our CBILS information page remains available for borrowers to access details about the scheme.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the UK Government in the Budget on 3 March 2021 to support businesses affected by Covid-19 as they recover and grow following the pandemic. This scheme, which replaces CBILS, the Bounce Back Loan Scheme and Coronavirus Large Business Interruption Loan Scheme, opens on 6 April 2021.
RLS supports a maximum facility size of up to £10m, with minimum facility sizes starting at £1,000 for invoice and asset finance and £25,001 for term loans and overdrafts. Find more information about RLS on the British Business Bank website.
LendingCrowd cannot provide legal or financial advice. If you need advice from a Chartered Account, you can find one via the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland.
The Federation of Small Businesses is also a valuable source of information.
If you have any questions, please email firstname.lastname@example.org or call 0345 564 1600.