Fill - Free fillable Coronavirus Business Interruption Loan (CBIL) Scheme PDF form

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11423a CBIL Lloyds-0420

Description

The Product Description:

• The Coronavirus Business Interruption Loan (CBIL) Scheme is a UK Government

backed loan guarantee scheme.

• The scheme is intended to allow businesses negatively impacted by Covid-19 who

meet the criteria for the CBIL scheme to borrow.

• The Department for Business Energy and Industrial Strategy (BEIS) provide the Bank

with a limited guarantee of up to 80% of the capital of eligible CBIL. The borrowing

business however remain 100% liable for the debt, including any accumulated

interest even if the Government guarantee has paid out.

• Unlike the Enterprise Finance Guarantee (EFG) Scheme, no guarantee fee is payable

to the UK Government under the CBIL Scheme.

• Limited reﬁnancing of loans and overdrafts is allowed, subject to speciﬁc rules.

Eligibility

Your business may be eligible if it:

• has been negatively impacted by the outbreak of Covid-19 (e.g. reduced cash ﬂow).

• is based in the UK.

• is trading.

• has been running for over 12 months and has a turnover of no more than £45 million

in the last 12 months

has not been running for over 12 months and has an expected turnover of no more

than £45 million for its ﬁrst 12 months of business activities.

• does not exceed the European Community State Aid maximum, as a result of taking

out a CBIL.

• does not operate in an ineligible or excluded sector.

• has a viable borrowing request, and meets our normal viability criteria.

• is able to attest to one of the three following tests (this information will be used to

assess the business’ liquidity needs and determine the amount of the loan you are

entitled to):

(i) the annual wages bill of the business (including social charges as well as the

cost of personnel working on the business’ site but formally in the payroll

of subcontractors) for 2019, or the last year available. If the business was

established on or after 1 January 2019, the business will need to provide an

estimated annual wage bill for the ﬁrst year of its operation;

(ii) the turnover of the business in 2019; or

(iii) the liquidity needs of the business from the moment the loan is granted for the

coming 18 months (or for the coming 12 months, if the business has more than

250 employees). The business liquidity plan may include both working capital

and investment costs.

Viability

• The business needs to demonstrate that it will be able to meet all its repayment

obligations, including repayment of the proposed CBIL.

Coronavirus Business Interruption

Loan (CBIL) Scheme

Product Proﬁle

• The business needs to demonstrate that it has a viable business proposition, which

will be assessed according to our lending criteria.

• CBIL will only be considered where a conventional facility for the same amount could

not be oered because there is no or insucient lending security

†

CBIL will be considered if:

• The ﬁnance will help the business trade out of any short to medium term cashﬂow

diculties and

• If the facility is granted the business should not go out of business in the short to

medium term.

Viability will be considered in relation to future trading expectations and business plans.

Suitability

CBIL is suitable for businesses that:

• need a loan for working capital, expansion project, diversiﬁcation or development.

• need a loan for more than £250,000 but do not have sucient lending security to

meet conventional lending requirements, or

• need a loan for less than £250,000 which would not have been provided without the

availability of the CBIL Scheme.

Sector Restrictions

Restrictions apply in the following sectors:

• Agriculture

• Aquaculture

• Fisheries

Further details on eligible and excluded sectors can be found at:

https://www.british-business-bank.co.uk

Product Summary

The CBIL Scheme is suitable for eligible and viable businesses that have been impacted by

Covid-19.

You may be able to borrow up to £250,000 on an unsecured basis under the CBIL Scheme.

If you have assets with partial lending security

†

, we will look at a combination of secured and

unsecured lending and may consider CBIL lending.

If you have no assets we can look to for lending security

†

, we will consider unsecured lending

and may consider CBIL lending.

If you use the CBIL Scheme for all or part of your borrowing needs we:

• may still require a 100% personal guarantee for loans over £250,000 along with a

debenture when the borrowing is to be taken in the name of a limited company or LLP.

• will take a lending charge over any other allowable personal asset (e.g. investment

property) or business asset (e.g. premises) you have, even if they do not presently

have lending value based on normal commercial terms.

• will NOT take a charge over your personal private residence in respect of the CBIL

borrowing as this is not permitted under the scheme rules.

For Business Banking customers

CLEAR ALL FIELDS

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11423a CBIL Lloyds-0420

Terms of Loan Criteria

• Loans from £25,001 to £5,000,000, (subject to lending criteria, including your annual

wage bill and total turnover) from one to six years.

• Arrangement Fees apply (however you will not be required to pay this as you will

signup to the Business Interruption Payment (“BIP”) oer letter).

• No guarantee fee is payable on the CBIL facility.

• You will not have to pay any interest, fees or charges for 12 months from the initial

draw down of the facility if you’ve conﬁrmed in writing that payment of a BIP can be

made to us directly by the Secretary of State.

• PLEASE NOTE: You will start paying interest, fees and charges on your loan after

the initial 12 months (if your loan term is longer than 12 months).

• You will also beneﬁt from 6 months’ capital repayment holiday from the start of

the facility.

• PLEASE NOTE: You will start repaying capital on your loan after the initial

6 months.

• Funds must be used for the purpose stated in the application.

• Limited reﬁnancing is possible and speciﬁc rules apply.

• Additional Capital Repayment Holidays may be available and must be taken in 3

month blocks for up to a maximum of 6 months immediately after the initial 6 month

capital repayment holiday.

• The Bank reserves the right to request documentary evidence to support the use of

CBIL funds post loan drawdown.

• If the business fails to repay the loan and is completely unable to do so, the Bank will

claim the whole outstanding debt plus interest under any personal guarantee (if your

loan is for an amount over £250,000) or other guarantee held. All possible steps will be

taken to achieve repayment.

Product Proﬁle continued

• If, after all possible eorts to achieve repayment by the business have been

exhausted, and the Bank still has some or all of the capital not repaid, the Bank can

ask the UK Government to honour its guarantee and pay back a proportion of the debt

(although there is an overall cap on how much the Bank can claim in any scheme year,

so the Bank may only receive part or nothing of what it claims).

• Notwithstanding the limited guarantee from the UK Government, the business will

remain liable for 100% of the debt, including any accumulated interest.

• If the Bank is able to obtain repayment or partial repayment from the business

even after the UK Government payment the Bank must take that payment from the

business and will divide it between the Government and itself in proportion to the

amounts paid under the guarantee claim.

For borrowing needs of less than £25,001 please contact your Business Manager, who will be

pleased to discuss our overdraft and unsecured lending facilities.

All lending is subject to a satisfactory credit assessment and the Bank will need your

permission to carry out a credit check on you and your business.

You should not apply for an amount that you cannot comfortably aord to repay now and in

the future to avoid the possibility of legal action.

PLEASE NOTE: The customer will remain liable for 100% of the debt, including any

accumulated interest even if the Government guarantee has paid out.

† Lending Security

Lending security is the value of both personal (e.g. investment property etc.) and business

assets (premises, stock, debtors etc.). We look at the available value i.e. after taking account

of any other borrowing secured on those same assets.

• AUKbusiness,borrows£100,000fromtheBankasa6yearloanundertheCBIL

Scheme.

• Twoyearslaterthebusinessfailswith£80,000stillowedunderthisloan.

• TheBankpursuesthecustomerfortheoutstandingdebtof£80,000.

• Afteralloptionsareexplored,£50,000isclaimedbytheBankfromthecustomer,

leaving £30,000 outstanding.

Example of how the guarantee works

• TheBankthenmakesaclaimundertheCBILSchemefromtheUKGovernmentand

£24,000 of the £30,000 remaining debt is paid to the Bank (80% of the remaining debt

is the maximum which might be paid under the scheme).

• TheBankcontinuestolookforrepaymentofthe£30,000fromthecustomer.When,

subsequently, the customer is able to pay £20,000 the Bank collects this and refunds

£16,000 of it (80%) to UK Government – in line with the 80% paid by the Government.

• Thecustomerremainsliableforthe£10,000stilloutstanding.Ifthisweretoberepaid

it would also be split with the Government in line with the guarantee claim.

The Lender is proposing to make available to the Applicant a loan facility under the

Coronavirus Business Interruption Loan (CBIL) Scheme. This is a Government backed

scheme that gives the Lender a guarantee from the Secretary of State, subject to certain

terms and conditions, in place of the security, which the Lender would normally expect a

borrower to provide.

To enable us to conﬁrm your entitlement to the CBIL you will need to provide and certify

the accuracy of certain information about your business. (Please refer to Section 19 for

furtherguidance).

The Product Proﬁle description must be read and understood by all Applicants.

The following sections must be completed by your Business Manager either during the

discussion if face to face, or following discussion if discussed over the phone, and before you

complete this Declaration form:

• Sections 5 & 7 (in all cases)

• Sections 8 (only if applicable)

Introduction1

Customer details (To be completed by Customer)2

Director/Partner/Sole Trader details (To be completed by Customer)3

The following sections must be completed by You, the customer:

• Sections 2, 3, 4, 6, 9 & 15

• Please ensure that you read and fully understand Sections 13, 14 before completing,

signing and dating Section 15

Please note, the following sections are for internal use only and will be completed once your

Business Manager has received this form back from You and the relevant customer sections

have been reviewed and are complete:

• Sections 10, 11, 12, 16, 17 and 18

Important: If you are purchasing an existing business, your Business Manager will ask

you to obtain certain information from the vendor, which will be needed to enable you

to complete this Declaration form.

Business and/or trading name

Branch sort code Account number

Contact name(s) and title that paperwork will be addressed to

Postcode

Contact address (if dierent to Trading address where all CBIL paperwork will be forwarded)

Postcode

Trading address

Company/LLP registration number

Business activity (please give precise description)

SIC Code (obtainable from Oce of National Statistics website)

Please indicate the legal status of the business:

What was the turnover for the business in

the 12 months to the date of this application

(maximum £45 million)?

Sole Trader Partnership

Limited Liability Partnership Limited Company

Unlimited Company PLC

Amount (£)

D D M M Y Y

Enter date on which the business

commenced trading:

Position in business: Position in business:

Sole trader Sole trader

Partner Partner

Director Director

Other (please specify) Other (please specify)

Other (please specify)

Full name Full name

Title Title

Mr Mr

Mrs Mrs

Miss Miss

Ms Ms

Contact telephone number

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11423a CBIL Lloyds-0420

CBIL and Enterprise Finance Guarantee (EFG) borrowing (do not include any SFLG borrowing) (To be completed by Customer)

Enter the total outstanding balance on all facilities granted under CBIL or EFG (whether by us or any other lending or ﬁnancial institution

participating in CBIL or EFG).

Enter the total amount of CBIL now being requested (including any fees added to the loan).

Total CBIL and EFG borrowing (A+B) (which must not exceed £5,000,000 outstanding at any one time).

Amount (£) (A)

Amount (£) (B)

Amount (£)

Loan details (To be completed by the Business Manager)7

Initial Capital Requirement

Total security fees

Arrangement fee

Valuation fee

Total sanctioned loan including fees where

added (must not exceed £5,000,000

including outstanding balances on other

facilities granted under CBIL and/or EFG)

Does an RMC exemption apply?

Please indicate if the following fees are to be added to the loan:

Amount (£)

Investment Property Loan

exemption (IPL)

2nd Charge

Business Loan

Margin: Variable rate margin

Loan Purpose

(minimum 1 year, maximum 6 years)

Term of loan

Months

At the outset, a Variable rate will apply to your loan. Whilst the Variable rate margin is known

at the outset, the Bank of England Bank Rate is variable. This means the interest rate which

applies is the Variable rate margin plus the Bank of England Bank Rate that is applicable at

that time.

PLEASE NOTE: Within 12 months of signing up to this agreement, your Relationship

Manager will be in touch to discuss the options available in relation to your interest rate

which may include moving to a Fixed Rate margin plus the Cost of Funds. The Cost of

Funds which will be added to the Fixed rate margin will be conﬁrmed to you. This rate

will remain the same during the life of your loan.

Other BIPs or payments you receive under the temporary framework5

You are required to attest to whether your group of companies are already in receipt of any other BIPs under the CBIL Scheme, and whether you are receiving any other direct grants,

repayable advances, tax or payments advantages under the Temporary Framework (“Qualifying Payments”) as part of your origination process (the Temporary Framework can be found here -

https://ec.europa.eu/competition/state_aid/what_is_new/sa_covid19_temporary-framework.pdf).

If you are in receipt of any of these, please include details here:

Financial information about your business6

Please tell us at least one of the following:

1 the annual wages bill of your business (including social charges as well as the cost of

personnel working on the business’ site but formally in the payroll of subcontractors)

for 2019, or the last year available. If your business was established on or after 1 January

2019, you can provide an estimated annual wage bill for the ﬁrst year of operation;

2 the turnover of your business in 2019; or

3 the liquidity needs of your business from the moment the loan is granted for the

coming 18 months (or for the coming 12 months, if your business has more than

250 employees). Your business liquidity plan may include both working capital and

investment costs.

Please add details

Capital repayment holiday details (To be completed by the Business Manager)8

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11423a CBIL Lloyds-0420

Diarised to instruct

Securities Centre

Business purchase (Including Franchises) (To be completed by the Customer)9

If the loan is to buy another business or franchise, what is the full name of that business

D D M M Y Y

What date did that business

commence trading?

Has that business received any other BIPs under the CBIL Scheme or

Qualifying Payments?

Yes No

If yes, what is the total amount in Euros (€)

Business assets (To be completed by the Relationship Director/Manager)10

List existing business related assets held as security

(details will be quoted on the new CBIL agreement)

Directors

Sole Trader/Partners

If Yes, please provide details of any assets charged or to be charged below:

Director’s guarantee given?

(A directors guarantee must be given for 100% of the lending plus fees)

Are any assets to be charged as security?

Yes

Supported? Note a charge over the personal private

residence is not permitted under the CBIL Scheme

Debenture/Bond & Floating Charge:

(required for all LLPs/LTD companies)

Please note: Any additional capital repayment holiday must be taken in 3 month blocks up to a maximum of 6 months immediately after the initial 6 month capital repayment holiday.

Capital repayment holiday requested? Yes No

Length of capital repayment holiday (in months) 3 6

Held

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11423a CBIL Lloyds-0420

Charge over Business/Investment Premises (To be completed by the Business Manager)11

Postcode

Address

Postcode

Address

Held

Diarised to instruct

Securities Centre

Diarised to instruct

Securities Centre

Leasehold

Freehold

Given by: Name

D D M M Y Y

Date of charge (held security only)

D D M M Y Y

Date of charge (held security only)

Postcode

Address

Postcode

Address

Held

Diarised to instruct

Securities Centre

Diarised to instruct

Securities Centre

Leasehold

Freehold

Given by: Name

D D M M Y Y

Date of charge (held security only)

D D M M Y Y

Date of charge (held security only)

Assignment of Life Policy (To be completed by the Business Manager)12

Life policy company name Policy number

Lives assured

Sum insured (£)

Held

Diarised to instruct

Securities Centre

Representations and Warranties13

The Applicant represents and warrants to the Lender and the Secretary of State:

(i) that the information given in this Declaration, the Application and any documents

submitted in connection with it is true, complete and accurate in all respects as at

the date of this Declaration and that the Applicant is not aware, having made due

and proper enquiry in respect of the same, of any facts or circumstances which would

adversely aect the decision of whether or not to provide ﬁnance to the Applicant;

(ii) that full information with supporting evidence has been given in, and submitted with,

this Declaration and Application to enable the Lender to carry out a full and proper

commercial appraisal; and

(iii) that the Applicant has applied to the Lender for a loan facility for the proposal detailed

in the Application, but that no such loan facility could be agreed because the Applicant

has no available or insucient security. The Lender as an alternative means of

ﬁnancing the proposal oered a CBIL facility.

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11423a CBIL Lloyds-0420

Data Protection and Disclosure Declaration14

Use of Business information

When businesses apply for, or hold, products or services provided by us, we may acquire and process information relating to the business as well as personal data of individuals associated

with the business. More information about how we use business information is available at www.lloydsbank.co.uk/businessprivacy

Privacy Notice

Who looks after your personal information

Your personal information will be held by Lloyds Bank plc which is part of the Lloyds Banking

Group. More information on the Group can be found at www.lloydsbankinggroup.com

How we use your personal information

We will use your personal information:

• toprovideproductsandservices,manageyourrelationshipwithusandcomplywithany

laws or regulations we are subject to (for example the laws that prevent ﬁnancial crime or

the regulatory requirements governing the products we oer).

• forotherpurposesincludingimprovingourservices,exercisingourrightsinrelationto

agreements and contracts and identifying products and services that may be of interest.

To support us with the above we analyse information we know about you and how you use

our products and services, including some automated decision making. You can ﬁnd out

more about how we do this, and in what circumstances you can ask us to stop, in our full

privacy notice.

Who we share your personal information with

Your personal information will be shared within Lloyds Banking Group and other companies

that provide services to you or us, so that we and any other companies in our Group can look

after your relationship with us. By sharing this information it enables us to better understand

our customers’ needs, run accounts and policies, and provide products and services

eciently. This processing may include activities which take place outside of the European

Economic Area. If this is the case we will ensure appropriate safeguards are in place to

protect your personal information. You can ﬁnd out more about how we share your personal

information with credit reference agencies below and can access more information about

how else we share your information in our full privacy notice.

Where we collect your personal information from

We will collect personal information about you from a number of sources including:

• informationgiventousonapplicationforms,whenyoutalktousinbranch,overthe

phone or through the device you use and when new services are requested.

• fromanalysisofhowyouoperateourproductsandservices,includingthefrequency,

nature, location, origin and recipients of any payments.

• fromorthroughotherorganisations(forexamplecardassociations,creditreference

agencies, insurance companies, retailers, comparison websites, social media and fraud

prevention agencies).

• incertaincircumstanceswemayalsouseinformationabouthealthorcriminal

convictions but we will only do this where allowed by law or if you give us your consent.

You can ﬁnd out more about where we collect personal information about you from in our

full privacy notice.

Do you have to give us your personal information

We may be required by law, or as a consequence of any contractual relationship we have, to

collect certain personal information. Failure to provide this information may prevent or delay

us fulﬁlling these obligations or performing services.

What rights you have over your personal information

The law gives you a number of rights in relation to your personal information including:

• therighttoaccessthepersonalinformationwehaveaboutyou.Thisincludes

information from application forms, statements, correspondence and call recordings.

• therighttogetustocorrectpersonalinformationthatiswrongorincomplete.

• incertaincircumstances,therighttoaskustostopusingordeleteyourpersonal

information.

• from25May2018youwillhavetherighttoreceiveanypersonalinformationwehave

collected from you in an easily re-usable format when it’s processed on certain grounds,

such as consent or for contractual reasons. You can also ask us to pass this information on

to another organisation.

You can ﬁnd out more about these rights and how you can exercise them in our full

privacynotice.

Other individuals you have ﬁnancial links with

We may also collect personal information about other individuals who you have a ﬁnancial

link with. This may include people who you have joint accounts or policies with such as

your partner/spouse, dependents, beneﬁciaries or people you have commercial links to, for

example other directors or ocers of your company.

We will collect this information to assess any applications, provide the services requested

and to carry out credit reference and fraud prevention checks. You can ﬁnd out more about

how we process personal information about individuals with whom you have a ﬁnancial link

in our full privacy notice.

How we use credit reference agencies

In order to process your application we may supply your personal information to credit

reference agencies (CRAs) including how you use our products and services and they will

give us information about you, such as about your ﬁnancial history. We do this to assess

creditworthiness and product suitability, check your identity, manage your account, trace

and recover debts and prevent criminal activity.

We may also continue to exchange information about you with CRAs on an ongoing basis,

including about your settled accounts and any debts not fully repaid on time, information on

funds going into the account, the balance on the account and, if you borrow, details of your

repayments or whether you repay in full and on time. CRAs will share your information with

other organisations, for example other organisations you ask to provide you with products

and services. Your data will also be linked to the data of any joint applicants or other ﬁnancial

associates as explained above.

You can ﬁnd out more about the identities of the CRAs, and the ways in which they use and

share personal information, in our full privacy notice.

How we use fraud prevention agencies

The personal information we have collected from you and anyone you have a ﬁnancial link

with may be shared with fraud prevention agencies who will use it to prevent fraud and

money laundering and to verify your identity. If fraud is detected, you could be refused

certain services, ﬁnance or employment. Further details of how your information will be used

by us and these fraud prevention agencies, and your data protection rights, can be found in

our full privacy notice.

How we share personal information about insurance products

If you apply to us for insurance, we may pass your details to the relevant insurer and their

agents. If a claim is made, any personal information given to us, or to the insurer, may be put

onto a register of claims and shared with other insurers to prevent fraudulent claims.

Our full privacy notice

It is important that you understand how the personal information you give us will be used.

Therefore, we strongly advise that you read our full privacy notice, which you can ﬁnd at

www.lloydsbank.co.uk/businessprivacy or you can ask us for a copy.

How you can contact us

If you have any questions or require more information about how we use your personal

information please contact us on 0345 602 1997 or at

secure.lloydsbank.com/retail/contact_us/how-we-can-help.asp

Lloyds Banking Group has a Group Data Privacy Ocer, who you can contact on

0345 602 1997 (+44 1733 347 007 from outside the UK) and tell us you want to speak to

our Data Privacy Ocer.

Version Control

This notice was last updated in January 2018.

Customer Acknowledgement and Signature(s)15

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11423a CBIL Lloyds-0420

Introducing Business Manager’s details (To be completed by the Business Manager)16

Business Manager’s name

Business Manager’s contact number (Mobile)

RBB

BBM

SMC Team:

SME

SBC

Business Manager’s e-mail address

* delete as appropriate

The Applicant acknowledges that:

(i) in the event that a loan facility under the CBIL Scheme is made available to the

Applicant the Applicant will be required on a continuing basis to provide further

information and supporting evidence to the Lender and the Secretary of State to

enable them to monitor the performance of the Applicant’s business, and

(ii) this Declaration is given for the beneﬁt of both the Lender and the Secretary of State

and that the Lender and the Secretary of State are respectively making available the

CBIL Facility and Guarantee in reliance on the representations and warranties given by

the Applicant in this Declaration.

IMPORTANT NOTICE: If any representation or warranty made by you (the Applicant) in

this Declaration proves to have been incorrect when made, then this may result in the

Lender demanding immediate repayment of the CBIL Facility and/or the Lender and/or

the Secretary of State claiming damages from you. You should, therefore, carefully check

the accuracy of each such representation and warranty before signing this Declaration.

• I/We*conrmthatI/We*haveunderstoodtheinformationsetoutinthisdocument,includingtheproductdescription,eligibility,viability,suitabilityandsectorrestrictions,product

summary, terms of loan criteria including the government funding criteria and wish to apply for a loan under the CBIL Scheme.

• I/We*notethatalllendingissubjecttoeligibilityandasatisfactorycreditassessment,andtheBankwillneedtocarryoutacreditcheckonmeandmybusiness.

• I/We*conrmthatthefundsadvancedwillonlybeusedforthestatedpurposeandwhererequireddocumentaryevidencewillbeprovidedtotheBank.

• I/We*conrmthatintheeventofdefaultweremainliablefor100%oftheoutstandingdebt(includingaccumulatedinterest).

• I/We*notethatI/We*havebeenadvisedtotakeindependentlegaladvice.

Print name

Position held by Signatory (Director/Partner/Sole Trader)

Signed for and on behalf of the Applicant

Date

Signed for and on behalf of the Applicant

Date

Signed for and on behalf of the Applicant

Date

Signed for and on behalf of the Applicant

Date

Print name Print name

Signed by the Guarantor (if Guarantor is an individual and not a Director)

Date

Signed by the Guarantor (if Guarantor is an individual and not a Director)

Date

Please contact us if you would like this information in an alternative

format such as Braille, large print or audio.

Lloyds Bank plc Registered Oce: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS).

We are covered by the Financial Ombudsman Service (FOS).

Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

Lloyds Banking Group is a ﬁnancial services group that incorporates a number of brands including Lloyds Bank.

More information on Lloyds Banking Group can be found at lloydsbankinggroup.com

Page 9 of 9

11423a CBIL Lloyds-0420

Supporting documentation (To be completed by the Business Manager)18

All documents referred to in the application must be attached.

Copy of Business Plan Financials and ALIESLoan quotations Copy of credit application

and supporting notes

CBIL sign o (To be completed by the Business Manager)17

This is a debt appropriate business that I would be prepared to lend to but for the lack of collateral and for which other options have been exhausted.

I am satisﬁed that this proposition meets the requirements of ‘responsible lending’ and I am willing to support the proposition.

Signature of authorised signatory

Date

Business Manager’s name

Guidance notes19

1 Commencement of Trading Date

(i) If your business is a limited company or a limited liability partnership

The Commencement of Trading Date is the date when the company/business was

ﬁrst assessed for Corporation Tax.

(ii) If you are self-employed or a partnership

The Commencement of Trading Date is the date when,

• you/anyofthepartnerswererequiredtostartpayingClass2NationalInsurance

contributions;

• youbecameexemptfromsuchpayments.

(iii) Did you acquire the business from another person as a going concern?

The Commencement of Trading Date is the date the business (“business” includes an

existing franchise operation) started trading – not the date you took over the business.

(iv) Did you acquire the business or franchise out of receivership or administration?

The Commencement of Trading Date is the date you took over the business or

franchise – not the date the business or franchise ﬁrst started trading.

2 Previous borrowing under the EFG and CBIL Schemes

The maximum total amount that can be borrowed under the CBIL Scheme is

£5,000,000 at any one time. This is subject to lending criteria, including the borrower’s

annual wage bill and total turnover.

You must add up the outstanding balance on all facilities granted under EFG and CBIL

and subtract this amount from £5,000,000 to work out how much more you may be

able to borrow.

If purchasing an existing business the applicant must also ascertain the level of

outstanding EFG and CBIL borrowing provided by any other lender.

3 State Aid

The CBIL Scheme does not operate under EU de Minimis State aid regulations, instead

it operates under the Temporary Framework for State aid measures which are in

place to support the economy in the current COVID-19 outbreak. You will no longer

be required to issue the SME with a State aid letter, nor will you have to take any de

Minimis aid into account when checking a Borrower’s eligibility for the CBIL Scheme.

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