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Coronavirus Business Interruption Loan Scheme — UK-wide
The Coronavirus Business Interruption Loan Scheme has been set up to help small and medium-sized enterprises (SMEs) that are struggling with cash flow because of revenues that have been deferred or lost due to the coronavirus outbreak.
Eligibility criteria
To be eligible your business must
- be UK-based
- have an annual turnover of not greater than 45 million
- have a borrowing proposal for the lender, which the lender will evaluate for
- viability, were it not for the COVID-19 pandemic
- enabling you to trade out of any short-term to medium-term difficulty
Businesses from any sector can apply, except:
- banks and building societies
- insurers and reinsurers (but not insurance brokers)
- public-sector organisations, including state-funded primary and secondary schools
What it covers
This scheme provides support to small and medium-sized businesses with an annual turnover of up to £45m, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to six years.
How to access it
You should apply via your lender’s website or through one of the 40 accredited finance providers offering the scheme. The lender has the authority to decide whether to offer you finance or not. The list of lenders can be found here:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/Duration
The Government expects to run this scheme for an initial period of 6 months. There is no limit on the capacity of the scheme or how many businesses can apply for it.
Government resource
https://www.businesssupport.gov.uk/coronavirus-business-interruption-loan-scheme/Disclaimer:
The information provided here was sourced from the HMRC and it will be updated periodically but we request you to check the individual sites provided about for more information. Last updated 5th April 2020.