CLBILS is a new scheme brought in by the Government on Monday, April 20 that sits above the existing CBILS scheme for medium and larger sized businesses.
Similar to CBILS, the scheme is designed to support business across the UK which have been impacted by Covid-19.
The key differences from CBILS are shown below:
Note: Since the original announcement of the CLBILS scheme the government increased the amount of finance available – the final two bullet points in the list reflect these updated limits.
The eligibility criteria remain the same as with CBILS, with an additional point around Covid Corporate Finance Facility:
- UK based business
- Over 50% of revenue comes from trading activity
- The borrowing proposal would have been viable had it not been for Covid-19. In practice this looks to mean that the business was profitable for the 12 months to Dec 19 and could have taken on the proposed debt had it not been for Covid-19
- The business has been adversely impacted by Covid-19
- Not in one of the ineligible industries (Banks, insurers and reinsurers (but not insurance brokers); public-sector bodies; further-education establishments, if they are grant-funded; and state-funded primary and secondary schools)
- The business has not received funds from the Covid Corporate Finance Facility (CCFF)
For more details on the CLBILS scheme click here.