You can apply for a loan with OakNorth Bank from £500,000 to £5m
Type of loan
OakNorth Bank offers term loans. If you require an overdraft, invoice finance or asset finance, please apply for this with another accredited lender on the scheme (full list here).
Flexible terms available
Spread repayments of your loan over up to 6 years
Interest free period
The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees (including arrangement fees or early repayment charges), so smaller businesses will benefit from no upfront costs and lower initial repayments.
Limited time to apply
This scheme currently runs to 31 January 2021.
The eligibility criteria specified by the British Business Bank states that this scheme is open to businesses that:
The British Business Bank has created a range of tools for SMEs to help them understand the scheme, including an SME FAQs page which is regularly reviewed and updated, and has a wide range of in-depth information about the scheme.
FAQs that are specifically relevant to OakNorth Bank’s CBILS participation can be found below.
Additionally, a borrowers/guarantors’ Principal Private Residence (PPR) cannot be taken as security to support a Personal Guarantee or as security for a CBILS- backed facility.