Coronavirus Business Interruption Loan Scheme

A scheme for small and medium sized businesses during COVID-19

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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?

  1. Speak to your usual provider (full list of lenders here). Go via their website. Because of social distancing, phone lines will be busy and branches may be closed.
  2. Updated information on all Government support packages can be found here.