A scheme for small and medium sized businesses during COVID-19
The scheme will help small and medium sized businesses access loans, overdrafts, finance and asset finance of up to £5m and for up to six years to support them during the coronavirus crisis. The government is providing an 80% guarantee for each loan, with no charge for this guarantee. The government will cover the first 12 months of interest payments and lender-levied fees, so you will benefit from no upfront costs and lower initial repayments. The scheme will be delivered through commercial lenders (i.e. major banks) backed by the government-owned British Business Bank.
Who can use the scheme?
UK-based businesses with a turnover under £45m a year and a viable borrowing proposal, which explains how the finance will enable your business to trade out of short to medium term difficulty. You must generate 50% of your turnover through trading activity. This is implemented by local authorities, contact your local authority for advice on if you can apply as a charity.
When can I access the scheme?
The scheme is open.
How do I access the scheme?