The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide 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. This will give banks the confidence to lend to many more businesses which are impacted by coronavirus. Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest.
How do I access it?
The new scheme will launch later this month and it will be available through a range of accredited lenders. Once the scheme has launched, there is likely to be a big demand for facilities – businesses should consider applying via the lender’s website in the first instance.
To find out more about this scheme and to stay up to date with when it launches click here
Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies. This will support a company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities.
All non-financial companies that meet the criteria set out on the Bank of England’s website (here) are eligible.
How to access
The scheme is now open.
How to access:
The change will come into force when the Coronavirus Bill receives Royal Assent.
No action is required.