Coronavirus Large Business Interruption Loan Scheme
Last updated Thursday 17 December – 12:24
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) supports large businesses, with an annual turnover of over £45 million and is available until the end of March 2021.
All viable businesses, with turnover of more than £45 million per year, are able to apply for up to £25 million of finance. Firms with a turnover of more than £250 million are able to apply for up to £200 million of finance.
The Scheme is available through a series of accredited lenders, which are listed on the British Business Bank website. The government is providing lenders with an 80% guarantee on individual loans. Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest.
To be eligible a business must:
- be based in the UK
- have an annual turnover of over £45 million
- self-certify that the business has been adversely impacted by coronavirus
- not have received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
The business must also have a borrowing proposal which the lender:
- would consider viable, if not for the coronavirus pandemic
- believes will enable the business to trade out of any short-term to medium-term difficulty
The following businesses are not eligible to apply:
- credit institutions, insurers and reinsurers (but not insurance brokers)
- building societies
- public-sector bodies
- further-education establishments, if they are grant-funded
- state-funded primary and secondary schools
The Scheme is available through a series of accredited lenders, which are listed on the British Business Bank website.
If you would like some help developing your borrowing proposal our expert Corporate Finance team can help you develop a robust application.