Coronavirus Business Interruption Loan Scheme (CBILS) (Scheme closed 31 March 2021)
The Coronavirus Business Interruption Scheme (CBILS) closed for new applications on 31 March 2021.
The Coronavirus Business Interruption Loan Scheme (CBILS) was a Government backed facility. CBILS helped customers with an overdraft facility from £50,001 up to £250,000 whereby borrowers didn’t need to pay any interest and arrangement fees for the first 12 months. TSB received a reimbursement of this from the Government in the form of a Business Interruption Payment (BIP). Please note that borrowers are fully liable for repayment of all borrowing.
To find out more about how we are helping business through this tough time, visit our Coronavirus information page to see all the options TSB have made available.
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.
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.
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.
Q. What affect will this have on my CBIL facility? A. There is no change to your facility held with TSB.
Q. Will this affect my Pay As You Grow options? A. No, this is a notification and will not affect your facility, including Your Pay As You Grow options.
Q. Why was I not advised of this when I took out my CBIL facility? (See answer below) Q. If I repay my loan, will my data still be shared? (See answer below) Q. I have already repaid my CBIL facility, why am I receiving this letter? (See answer below) Q. Why is my data being reported to the European Commission? (See answer below)