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COVID-19 Corporate Financing Facility — UK-wide
The new COVID-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies. This will support companies which are fundamentally strong, but have been affected by a short-term funding squeeze. It will also support corporate finance markets overall and ease the supply of credit to all firms. The scheme will be funded by central bank reserves, in line with other Bank of England market operations.
Eligibility criteria
Companies and their subsidiaries that make a material contribution to the UK economy will be able to participate in the facility. For more information, check the Bank of England website:
https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facilityWhat it covers
Short-term debt owed by larger companies.
How to access it
To access the CCFF, you will need to contact your bank. However, not all banks issue commercial paper. If your bank does not issue commercial paper, UK Finance will provide a list of banks that are able to assist. For more information, check the Bank of England website:
https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facilityDuration
This facility will operate for at least 12 months, and for as long as needed to relieve cash flow pressures on firms that make a material contribution to the UK economy.
Government resource
https://www.businesssupport.gov.uk/covid-19-corporate-financing-facility/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.