Detailed guide: Apply for the Coronavirus Large Business Interruption Loan Scheme

This scheme is not available yet. It will launch on Monday 20 April 2020.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will support large businesses, with an annual turnover of over £45 million.

All viable businesses with turnover of more than £45 million per year will be able to apply for up to £25 million of finance. Firms with a turnover of more than £250 million will be able to apply for up to £50 million of finance.

The Scheme will be available through a series of accredited lenders, which will be listed on the British Business Bank website. The government will provide lenders with an 80% guarantee on individual loans. This will give banks the confidence to lend to many more businesses which are impacted by coronavirus. Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest.

This scheme allows lenders to support businesses that were viable before the coronavirus outbreak but now face significant cash flow difficulties that would otherwise make their business unviable in the short term.

Eligibility

You’re eligible if:

  • your business is based in the UK
  • your business has an annual turnover of over £45 million
  • you can self-certify that your business has been adversely impacted by coronavirus
  • your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)

You must also have a borrowing proposal which the lender:

  • would consider viable, if not for the coronavirus pandemic
  • believes will enable you to trade out of any short-term to medium-term difficulty

Exceptions

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

Further detail on eligibility will be confirmed later this month.

How to apply

The scheme will launch on Monday 20 April. The Scheme will be available through a series of accredited lenders, which will be listed on the British Business Bank website.

Once the scheme has launched, there is likely to be a big demand for facilities. You should consider applying via the lender’s website in the first instance. Telephone lines are likely to be busy and branches may have limited capacity to handle enquiries due to coronavirus.

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