Coronavirus Large Business Interruption Loan Scheme

Latest Coronavirus update for businesses

This scheme is not available yet and is expected to launch before the end of April 2020. Further details will be provided by the Government later this month.

The Coronavirus Large Business Interruption Loan Scheme (“CLBILS”) will pick up where the small and medium business scheme, CBILS, leaves off, i.e. by providing support for businesses with an annual turnover of over £45 million to access loans of up to £50 million.
Overall, the features and eligibility criteria for CLBILS are expected to be broadly
similar to those for CBILS albeit for a larger size of business and loan facility. We set
out a summary of the known details of the scheme as follows:

  • A finance facility of up to £25 million for businesses with an annual turnover between £45 million and £250 milion and up to £50 million for businesses with an annual turnover above £250 million.
  • A Government guarantee which secures 80% of the CLBILS facility.
  • Commercial rates of interest.
What are the eligibility criteria?
    • Have a UK-based business activity.
    • Have an annual turnover of over £45 million.
    • Self certify that your business has been adversely impacted by Coronavirus.
    • Have not received a facility under the Bank of England’s COVID-19 Corporate Financing facility.
    • Have a borrowing proposal which the lender:
      • would consider viable, were it not for the coronavirus pandemic.
    • Not operating in the following sectors:
      • Credit institutions, insurers and reinsurers (but not insurance brokers) and building societies.
      • Public-sector organisations, including state-funded primary and secondary schools and further education establishments.
coronavirus impact on busienss FAQs
COVID-19 corporate financing facility

Under the COVID-19 Corporate Financing Facility (CCFF), the Bank of England will buy, through commercial lenders, short-term debt from large companies, and their finance subsidiaries, that make a material contribution to the UK economy.

This scheme will support such companies if they have been affected by a short-term funding squeeze and allow them to finance their short-term liabilities.

The scheme will operate for at least 12 months and for as long as steps are needed to relieve cash flow pressures on eligible companies.

For more information

For more information on our Coronavirus Business Interruption Loan scheme, please contact us on:

01483 416232