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Apr 14, 2020

Coronavirus Business Interruption Loan Scheme


The Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses, with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years...

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This means smaller businesses will benefit from no upfront costs and lower initial repayments.

The government will provide lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to small and medium-sized businesses.

The scheme is delivered through commercial lenders, backed by the government-owned British Business Bank. There are 40 accredited lenders able to offer the scheme, including all the major banks.

You’re eligible if your business:

  • is based in the UK
  • has an annual turnover of up to £45 million
  • has a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic

Businesses with a turnover over £45 million may be entitled to other government support.

Learn more and apply here.

 

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