The Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank, is one of the initiatives put in place to provide financial support to SMEs across the UK that are seeing a disruption to their cashflows as a direct result of COVID-19.
Other British Business Bank loan guarantee schemes designed to support businesses during the coronavirus outbreak are the Bounce Back Loan Scheme (BBLS), which enables businesses to access smaller loans more quickly, and the Coronavirus Large Business Interruption Loan Scheme for larger businesses with more significant funding requirements.
More recently, the new Future Fund which opened for applications on the 20th May 2020 will support innovative UK companies with good potential, that are essential in ensuring the country retains its world-leading position in science, innovation and technology.
NPIF Debt Fund Managers, Mercia and FW Capital, were recently accredited to the CBILS. Both can now provide CBILS loans using NPIF funding ranging between £100,000 and £750,000 to businesses that have been adversely affected by the impact of COVID-19.
Mercia will focus on providing support to businesses based in Yorkshire and the Humber, whilst FW Capital will focus on the North West, Cumbria and Tees Valley regions.
They follow NPIF’s Microfinance Fund Managers, which have previously been accredited and can provide loans ranging from £25,000 to £100,00. GC Business Finance and MSIF provide support to businesses in the North West.
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