Coronavirus Large Business Interruption Loan Scheme | UK-wide
Provides a government guarantee of 80% to enable banks to make loans of up to £200 million to firms with an annual turnover of over £45 million
You’re eligible if:
- your business is based in the UK
- your business has an annual turnover of over £45 million
- your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
You need to show that:
- your business would be viable were it not for the pandemic
- your business has been affected by coronavirus
- the loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus
If you’re borrowing more than £50 million you must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. Check the eligibility requirements.
Who cannot apply
Businesses from any sector can apply, except:
- banks, insurers and reinsurers (but not insurance brokers)
- building societies
- public-sector bodies
- state-funded primary and secondary schools
You can apply for:
- revolving credit facilities (including overdrafts)
- invoice finance
- asset finance
A lender can provide up to 25% of your annual turnover. The maximum amount you can borrow is £200 million.
Finance is available from 3 months to 3 years.
There are 12 lenders taking part in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.
- British Business Bank