All viable businesses with a turnover of over £45 million can now apply for finance after the launch of the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
According to Chancellor Rishi Sunak, all firms are now eligible to apply for up to £50 million in finance, rather than just those with a turnover of less than £500 million.
Under the CLBILS, businesses with a turnover of between £45 million and £250 million will be able to apply for up to £25 million in finance, while those with a turnover of more than £250 million can apply for up to £50 million in finance.
The CLBILS forms part of the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS) – a finance facility for both large and small and medium-sized enterprises (SMEs). For each loan, the Government will provide lenders with a guarantee of 80 per cent to provide finance to at-risk and struggling businesses. Interested parties can apply for a loan through accredited lenders listed on the British Business Bank website.
Commenting on the new scheme, the Chancellor said even more businesses will now be able to benefit from emergency financial support.
“I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy. That is why we are expanding this generous scheme for larger firms,” he said.
“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”
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