Provides a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m.
You’re eligible if:
- your business is based in the UK
- your business has an annual turnover of over £45 million
- you can self-certify that your business has been adversely impacted by the coronavirus
- your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
You must also have a borrowing proposal which the lender:
- would consider viable, if not for the coronavirus pandemic
- believes will enable you to trade out of any short-term to medium-term difficulty
*Firms with a turnover of more than £250 million will be able to apply for up to £200 million of finance.
The following businesses are not eligible to apply:
- credit institutions, insurers and reinsurers (but not insurance brokers)
- building societies
- public-sector bodies
- state-funded primary and secondary schools
The scheme is available through a series of accredited lenders, which are listed on the British Business Bank website. The government will provide lenders with an 80% guarantee on individual loans. Facilities backed by a guarantee under Coronavirus Large Business Interruption Loan Scheme (CLBILS) will be offered at commercial rates of interest.
This scheme allows lenders to support businesses that were viable before the coronavirus outbreak but now face significant cash flow difficulties that would otherwise make their business unviable in the short term.