Details of how the scheme will wok
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will allow businesses with an annual turnover of over £45 million to apply for up to £25 million of finance. Businesses with a turnover of more than £250 million will be able to apply for up to £50 million of finance.
As with the CBILS available for small and medium sized businesses, the finance will be available through the approved lenders shown on the British Business Bank website.
The scheme launches today Monday 20 April.
The government will provide lenders with an 80% guarantee on individual loans. Finance backed by a guarantee under CLBILS will be offered at commercial rates of interest.
Businesses will be eligible if:
- the business is based in the UK
- you can self-certify that the business has been adversely impacted by Coronavirus Covid-19.
- your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
The lender must also consider your borrowing proposal to be viable, if not for the Coronavirus pandemic, and the lender must believe that the finance will enable you to trade out of any short-term to medium-term difficulty.
If you have any questions on the Government support available for businesses please contact us.
For the latest information on Government assistance for businesses and individuals please visit our COVID-19 hub.