We are now accredited for CBILS via the British Business Bank and ready to support businesses with their cashflow during COVID-19. With loans between £50,001 and £50m, your business can borrow what it needs and pay nothing for the first 12 months.
Whether you need the money to combat a lack of revenue, pay invoices or address any other funding gap, a loan from Nucleus can help stabilise your business finances.
The Coronavirus Business Interruption Loan Scheme (CBILS), is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme which is partially guaranteed by the Government, enables lenders such as Nucleus Commercial Finance to provide funds to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
In addition there are no guarantee fees for SMEs to access the scheme. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and fees charged in the first year, allowing businesses to benefit from no upfront costs and lower initial repayments.
The borrower always remains 100% liable for the debt.
Smaller businesses from all sectors can apply for the full amount of the facility. To be eligible for a facility under CBILS, a smaller business must:
Please note: The guarantee is to the lender, and not the small business Any queries from a business with an active or historic EFG facility, including guarantee fee collection or alterations to their repayment profile should raise them with their lender, and not with the British Business Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank
website at: www.british-business-bank.co.uk/CBILS