Business interruption loan scheme extended
The Government has announced a Coronavirus Large Business Interruption Loan Scheme (CLBILS). CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million.
Loans backed by a guarantee under CLBILS “will be offered at commercial rates of interest.” Further details about the operation of the CLBILS scheme are expected later this month.
The Government also announced changes to the Coronavirus Business Interruption Loan Scheme (CBILS), which is intended to provide support to smaller UK businesses encountering significant financial challenges in the current emergency. Changes have been announced to the scheme’s features and eligibility criteria, and the Government adds that “insufficient security is no longer a condition to access the scheme”.
Further details of the government announcement regarding both schemes above can be found here.
Detailed ECA guidance on CLBILS and CBILS can be found here.
Updated information on CBILS (smaller to medium sized company scheme) is at: