The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by coronavirus.
The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.
The government guarantees 80% of the finance to the lender.
If you’re a smaller business, you may be entitled to other government support.
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of over £45 million
- has not received support 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
What you can get
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.
How long the loan is for
Finance is available from 3 months to 3 years.