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New government backed finance for mid to large-business

The Chancellor Rishi Sunak has strengthened the financial packages available to companies to help deal with the economic impacts of coronavirus.

17 Apr 2020, 2 min read

The Coronavirus Large Business Interruption Loan Scheme will launch on 20 April, making loans available for companies with a turnover of £45m and above.

For the existing schemes, £1.1bn of loans have been approved for small and medium businesses through the Coronavirus Business Interruption Loan Scheme, and four more accredited lenders have been added. Nearly £7.6bn corporate finance has also been provided to large firms impacted by COVID-19 through the Bank of England’s Corporate Finance Facility.

The CBI is working closely with HM Treasury, the Bank of England, the British Business Bank and members to ensure the packages are rolled out with speed and simplicity.

The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) aimed at the ‘stranded middle’

The CLBILS will launch on 20 April and is a government backed scheme to enable accredited banks to make loans to medium and large businesses with a turnover of over £45m.

An accredited lender can provide:

  • Up to £25m to businesses with turnover from £45m up to £250m
  • Up to £50m to businesses for those with a turnover of over £250m.

This new package is targeted at the ‘stranded middle’ that previously fell between the eligibility for the CBILS and CCFF.

Please visit the CBI Coronavirus Hub for more information on the new finance packages and all the government backed support for companies.