CBILS

Coronavirus Business Interruption Loan Scheme

  • New & existing customers can apply for CBILS
  • Refinance your debt from another lender
  • Get a 12 month capital repayment holiday

What is CBILS?

The Coronavirus Business Interruption Scheme (CBILS) is a government backed scheme designed to support SMEs and to help them to access finance to help them through this unprecedented time.

We have been accredited as a CBILS lender by the British Business Bank which enables us to provide facilities of up to £5m to SMEs if you've experienced lost or deferred revenues, leading to disruptions in your cash flow.

SMEs power our economy. We’ve championed you in the good times and now we want to support you in the tough times. If your business’ finance has been affected by the COVID-19 pandemic, we’re here to help.

How does CBILS work?

You’ll need a broker

To apply for a CBILS loan with Atom, you need to contact one of the independent brokers we work with. Using a broker means you benefit from independent advice and get help and guidance with each step of the process.

Getting started with your CBILS application

Once you’ve found a broker you want to work with, they’ll start to put the application together with you and there are things you can do to make the process run smoothly:

  • Make sure you meet all the eligibility criteria (you can see this below).
  • Get all your documentation ready to submit in one go.
  • Self-certify your business has been adversely impacted by COVID-19.
  • Don’t leave it too late - the scheme runs until 30th September 2020.

Is my business eligible for a CBILS loan?

If your business fits the following criteria, your broker should be able to start an application on your behalf.

Your business must:

  • Be UK-based in its business activity
  • Be an SME with an annual turnover of no more than £45 million
  • Have a borrowing proposal which the lender would consider viable subject to the facility helping with short and medium term cash flow difficulties
  • Self-certify that it has been adversely impacted by COVID-19
  • Provide suitable security for a secured loan in line with Atom’s commercial lending policy
  • Generate more than 50% of its turnover from trading activity
  • Not have been classed as a “business in difficulty” on 31 December 2019 and must not be subject to any current collections or insolvency proceedings.

You won’t be able to apply if you are:

  • A bank, building society, insurer or reinsurer (but insurance brokers can apply)
  • A public-sector body.

CBILS Key Facts

Secured businesses loans from £100,000 to £5m.

First 12 months are interest-free and fee-free.

Repayment terms up to six years.

We’ll consider refinancing debt from another lender if it improves your cash flow.

No personal guarantee required below £250k.

We’ll accept applications from new and existing customers.

How do I apply?

Ready to apply? Chat to a broker who works with Atom and see if a CBILS loan is right for your business. They’ll make an application for you and we’ll keep you informed every step of the way.

FAQs

News and resources for you

All the latest news and info about our CBILS loans

Business Banking

Atom is an accredited CBILS lender!1 minute | 18 May 2020

Business Banking

BCR grant: Our progress so far...3 minutes | 28 February 2020

Business Banking

Transforming banking for small businesses3 minutes | 27 August 2019

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.