The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by coronavirus (COVID-19).
The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.
The government guarantees 80% of the finance to the lender.
If you’re a smaller business, you may be entitled to other government support.
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of over £45 million
- has not received support under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
You need to show that:
- your business would be viable were it not for the pandemic
- your business has been affected by coronavirus
- the loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus
If you’re borrowing more than £50 million you must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. Check the eligibility requirements.
Who cannot apply
Businesses from any sector can apply, except:
- banks, insurers and reinsurers (but not insurance brokers)
- building societies
- public-sector bodies
- state-funded primary and secondary schools
What you can get
You can apply for:
- revolving credit facilities (including overdrafts)
- invoice finance
- asset finance
A lender can provide up to 25% of your annual turnover. The maximum amount you can borrow is £200 million.
How long the loan is for
Finance is available from 3 months to 3 years.