19 May 2020
This scheme helps large businesses affected by coronavirus (COVID-19) to access loans of up to £25 million
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) supports large businesses, with an annual turnover of over £45 million.
All viable businesses with a turnover of more than £45 million per year are able to apply for up to £25 million of finance. Firms with a turnover of more than £250 million will be able to apply for up to £200 million of finance.
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 per cent guarantee on individual loans. Facilities backed by a guarantee under 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.
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 coronavirus
- your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility
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
Businesses with a turnover of less than £45 million may be entitled to other government support.
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
How to apply
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website.
You will also find accredited lenders listed on the British Business Bank website.
First published 5 April 2020