Coronavirus Business Interruption Loan Scheme (CBILS)

We are helping business customers by offering overdrafts backed by the government's Coronavirus Business Interruption Loan Scheme. CBILS helps customers with an overdraft facility from £50,001 up to £250,000 whereby they don’t need to pay any interest and arrangement fees for the first 12 months. TSB will get a reimbursement of this from the Government in the form of a Business Interruption Payment (BIP).

The CBILS overdraft is available to existing TSB Business Banking customers only. Your business must meet TSB lending criteria and also the scheme eligibility criteria including ongoing viability. The scheme is open for applications until 30th September 2020.

To find out more please complete our Overdraft Enquiry Form indicating whether you are interested in a CBILS overdraft.

For the first 12 months, you are not required to pay any interest and arrangement fee. You will be able to see the interest and fees that apply to your overdraft facility on your facility letter and then on the monthly statement. Interest will be refunded at the same time as it is applied to your account. Please note that you will be fully liable for repayment of all borrowing.

The CBILS overdraft will work in very much the same way as a standard business overdraft. You will need to choose the product that best meets the need of your business now and have a plan to repay the overdraft. But for the first 12 months you will not be required to pay arrangement fees and interest.

All of TSB's overdraft can be up to a 12-month term. After this, you can apply to renew within the scheme for a total of three years, subject to status. But please note that you will be liable to pay our CBILS interest rate and standard arrangement fee after the initial 12 months.

To be eligible a business must be:

  1. Able to confirm that it has been impacted by the coronavirus (COVID-19)
  2. An existing TSB Business Banking customer
  3. Based in the UK
  4. Seeking an overdraft facility of between £50,001 and £250,000.
  5. Operating within any business sector (Some different terms will apply for a small number of sectors, including for some agriculture, aquaculture and transport businesses)

View the CBILS SME Checklist.

We are an accredited lender under CBILS and the scheme is designed to support those businesses that were trading successfully before Covid-19 but now face difficulties because of the current Covid-19 disruption. We will assess that your business is viable and will be able to account for the exceptional concerns over the short-to-medium term business performance due to the impact of Covid-19. Any overdraft requested should be deemed to be enough to enable the business to trade through short-term cashflow difficulties.

For the first 12 months, you are not required to pay any interest.

Our CBILS interest rates and standard arrangement fee will apply at renewal. Interest rates will reflect the benefit and cost of the guarantee granted to TSB by the government.

The arrangement fees applicable to a CBILS overdraft are the same as would apply for a standard business overdraft. However, for a CBILS overdraft you are not required to pay the arrangement fee applicable for the first 12 months.

We will not require any personal guarantees to support CBILS borrowing from £50,001 to £250,000. However, a tangible security (e.g. commercial property) may be required for certain borrowing, this will be confirmed to you at the time of application. We will never seek a charge over your or your personal guarantor’s home.

Please complete the Overdraft Enquiry form above to tell us you need a CBILS overdraft, and we’ll be in touch as soon as we can. We won’t be able to help you in branch with this scheme.

Unfortunately, we are only able to support businesses that had a TSB Business Current Account on 23 March 2020 with an application for a CBILS overdraft facility.

Potentially, if your business activity is primarily UK-based. For early-stage businesses in their first two years of trading, the British Business Bank’s Start Up Loans programme (loans from £500 to £25,000 at interest of 6% per annum) may be more suitable. Visit www.startuploans.co.uk for more information.

 

Find out more and apply

To enquire and apply, please use our

Overdraft enquiry form

If you have any questions, please contact us.

We have chosen Adobe to support us with our digital processes by using their ‘Adobe Sign’ software.

Please be aware that Adobe are a separate data controller from TSB, and any personal data you provide will be sent to Adobe and processed in accordance with their terms and conditions of service.

You may therefore wish to read their Adobe Terms of Use and Consumer Disclosure before using the following link(s).
 

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