Loan scheme for larger businesses expanded
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) has been expanded to cover “all viable firms” with a turnover of more than £45 million, who will be able to apply for up to £25 million of finance (up to £50 million for firms with a turnover of more than £250 million).
The scheme, which will also launch on Monday 20 April, will be available through accredited lenders, as listed on the British Business Bank website.
CLBILS complements other government offers of emergency support including the Covid Corporate Financing Facility and the Coronavirus Business Interruption Loan Scheme for small and medium sized businesses.
Note: contractors will need to show that, ‘but for COVID19’ their business is essentially ‘viable’. This is likely to require sufficient business planning, cash-flow forecasts and financial scenario planning to present the inherent viability of the business when seeking to secure the Government’s emergency loan schemes.