CBILS Frequently Asked Questions

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What is the Coronavirus Business Interruption Loan Scheme (CBILS)?

The Coronavirus Business Interruption Loan Scheme (CBILS) is a government initiative from the Secretary of State for Business, Energy and Industrial Strategy, with the British Business Bank acting as its agent. Bank. It’s aimed at providing small businesses who have been affected by the COVID-19 disruption access to finance. It’s available via accredited lenders. Liberis is an accredited lender of the scheme.

What are Liberis’ CBILS loans?

Liberis is offering term loans under the CBILS to eligible and approved businesses (see eligibility question for the criteria). Loans are available between £50,001 - £150k over either 12 or 24 months. The government cover the fees and interest for the first 12 months, plus Liberis give you a three-month repayment holiday to help your business get back on its feet.

How much do CBILS loans cost?

  • 12 month loan: 9.9% fixed fee. Up to 100% of this fee is covered by the UK Government’s Business Interruption Payment (BIP) scheme*
  • 24 month loan: 17% fixed fee. The first year’s fee is covered by the UK Government’s Business Interruption Payment (BIP) scheme, so the fee paid by borrowers is under 4.5%*

*For the first year’s fee to be covered by the BIP, the borrower needs to accept the offer of a BIP and not default on the terms of the loan.

Am I eligible?

Liberis’ CBILS loans are available for businesses who*:

  • Have been taking card for 12+ months
  • Use Worldpay, Elavon, Lloyds or Fiserve (First Data) to process card payments
  • Take an average of £20,001+ in card taking a month for the 24 month term loans / take an average of £42k in card taking a month for the 12 month term loans
  • 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 the lender
  • Self-certify that it has been adversely impacted by the Coronavirus (COVID-19)
  • Your business must generate more than 50% of its turnover from trading activity
  • Your CBILS-backed facility will be used to support primarily trading in the UK
  • You are not currently using or applying for the Bounce Back Loan Scheme (BBLS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), or the Bank of England’s COVID Corporate Financing Facility (CCFF).

These businesses are not eligible: banks, insurers and reinsurers (but not insurance brokers), public sector bodies, state funded primary and secondary schools.**

*This is not a comprehensive list of the eligibility criteria, see the BBB website for a full list. 

**This is not a comprehensive list of the non-eligible businesses, for the full list see the BBB website.

Why do I need to take card payments?

Your fixed monthly repayments will be made via a small percentage of your card transaction payments. We will set up a split on your account, which will automatically take the pre-agreed percentage of your daily transactions until the fixed repayment amount is met. If you reach the payments the split will stop for that month. If you don’t meet the required fixed payment amount, we will take the outstanding balance for that month via a continuous payment authority (CPA) or direct debit. All of this will happen automatically, so you don’t have to lift a finger. Our team can talk you through the process.

Please note that currently we can only support customers who use Worldpay, Elavon, Lloyds or Fiserve (First Data) to process their card payments.

How do I apply for a CBILS loans?

You can apply online via our application page - if you're eligible you will be directed to this page about using our Interactive Eligibility Checker. The process takes roughly less than five minutes and applying won’t affect your credit score. We will ask details about your business to check eligibility and then some further details to present the right loan solution for you. You can also call our team on 0800 987 0808 they will take some details about your business and chat you through the options.

What documents do I need to apply?

1. Open Banking or 12 months bank statements as PDF

2. A picture of a void cheque, bank statement or paying in slip also. PDF suits here too.

3. A Front sheet from Elevon/FDMS/AIB/Cardnet merchant account statement.

4. A copy of passport or driver’s licence for Elavon.

5. Up to date management accounts dated with thin the last 3 months and they must go back 1 full year. Showing profit, loss and balance sheet.

6. Forecast of cashflow for the next 12 weeks: projected sales, payments to be received and costs to be incurred.

7. VAT summary page

For >£100k, all the above plus:

1. Landlord reference

2. Detailed breakdown of use of funds

3. List of creditors (to match balance sheet)

How long are the terms?

Liberis offer two loan options, one for a 12 month term and one for a 24 month term. Which we can offer you will be dependent on how much revenue you take through your customer card transactions on average each month.

Do I need a personal guarantee?

You do not need a personal guarantee for a CBILS loan.

Can I take one if I already have finance elsewhere?

You can apply for a Liberis CBILS loan if you already have finance elsewhere (e.g. a bank loan). However, you cannot apply for a CBILS loan if you have already applied for these government schemes: Bounce Back Loan Scheme (BBLS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), or Covid Corporate Financing Facility (CCFF) unless you are using the CBILS scheme to refinance in full the other scheme.

For more questions on the CBILS you can see the British Business Bank’s FAQs for SMEs here.