About CBILS
The Coronavirus Business Interruption Loan Scheme (CBILS) supported small and medium-sized businesses during the pandemic. Accredited lenders made the loans and the government guaranteed part of each one. The government also paid the interest and lender fees for the first 12 months.
The scheme closed to new applications in March 2021. Businesses with CBILS loans repay them at the rate and on the terms in their agreement.
Worked example
A £100,000 balance at 6% repaid over 6 years costs £1,657.29 a month, £119,324.79 in total.
Interest is worked out monthly at one twelfth of the annual rate. Lenders may calculate interest differently (some charge it daily), so your actual payments can differ slightly.
You're liable for the full loan
The government guarantee protected the lender. The business remains responsible for repaying all of the loan.
Inputs for the CBILS loan calculator
Amount to borrow
The amount of your CBILS loan, or the balance still owed.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'll repay over. Use the remaining term if you've already been repaying.
CALCULATOR QUESTIONS
CBILS loan calculator questions
Can I still apply for CBILS?
No. The scheme closed to new applications in March 2021.
Who paid the interest in the first year?
The government covered the interest and lender-levied fees for the first 12 months.
Who sets the interest rate?
The lender. Check your loan agreement for your rate.
Is the business liable if it can't repay?
Yes. The business is liable for the full loan; the guarantee only protects the lender.