Skip to main content

Changes made to the Covid-19 Business Interruption Loan Scheme

British Marine would like to make its members aware of changes regarding the eligibility criteria for the Coronavirus Business Interruption Loan Scheme (CBIL), which is open to viable businesses with a turnover of no more than £45 million. 

On 6 April 2020 the Chief Executive of UK Finance, Stephen Jones, took part in a webinar with the Confederation of British Industry (CBI) where access to the CBIL Scheme was discussed.

During the webinar, the CEO of UK Finance confirmed that businesses which, in the first two weeks of the scheme, had to borrow on commercial terms because they were not eligible under the original Coronavirus Business Interruption Loan Scheme will now be re-booked on CBIL terms with interest free credit.

He asked businesses which could survive the coming weeks if they could refrain from coming forward at the present time as that would help banks prioritise and avoid the initial rush.

British Marine would encourage members who have taken out loans to contact their respective banks to discuss the terms of the loan and re-book themselves on CBIL terms.

British Marine members can re-watch the webinar and find more information here

Back to top