The Coronavirus Business Interruption Loan Scheme is now closed to new applications. Please note, applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.
MSIF can support both existing and new clients with Coronavirus Business Interruption Loan Scheme (CBILS) through its dedicated £3million Coronavirus Recovery and Resilience Fund (CRRF)
The CRRF is available to support businesses which were viable prior to the Covid-19 pandemic but have been adversely affected by its impact. The fund is supported by the government’s CBILS guarantee, and can provide loans of up to £250,000 per applicant, without the need for any personal guarantees.
Under the scheme, the government will also cover the first 12 months of interest payments and any lender-levied fees.
Note that the borrower remains responsible for repayment of 100% of the outstanding facility at all times and not just the amount of the facility outside the coverage of the Government guarantee.
The closing date for new applicants is the 31st of March, 2021.
Any business looking to obtain CBILS-backed funding must apply before this date.
The Coronavirus Recovery and Resilience Fund is delivered by MSIF fund manager subsidiary, Alliance Fund Managers (AFM).
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). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). 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