The scheme helps all viable large businesses with an annual turnover of £45 million affected by COVID-19 to access loans of up to £25 million. Firms with a turnover of more than £250 million can apply for up to £50 million of finance. The scheme is available through a series of accredited lenders, which are listed on the British Business Bank website. The Government provides lenders with an 80% guarantee on individual loans, to give banks the confidence to lend to businesses impacted by COVID-19.
CLBILS allows lenders to support businesses that were viable before the COVID-19 outbreak but now face significant cash flow difficulties that would otherwise make their business unviable in the short term.
To be eligible businesses must:
- Be based in the UK
- Have an annual turnover of over £45 million
- Be able to self-certify that their business has been adversely impacted by coronavirus
- Not have received a facility under the Bank of England’s COVID-19 Corporate Financing Facility
- Have a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic, and believes it will enable you to trade out of any short-term to medium-term difficulty.
- The full rules of the scheme and guidance on how to apply is available on the British Business Bank website.
A new support finder tool has been launched to help businesses and self-employed people across the UK to determine what financial support is available to them during the COVID-19 pandemic. The tool on GOV.UK asks business owners and the self-employed to fill out a simple online questionnaire. Users are then directed to a list of all the financial support they may be eligible for. Read more about the tool here.
Find out more about the Small Business Grants Fund (SBGF) and Retail, Hospitality and Leisure Grant Fund (RHLGF).
The Department for Business, Energy and Industrial Strategy has created a Coronavirus Business Support Blog to help businesses get the support they need to help with the impact of coronavirus. The blog contains additional information and resources, including case studies from businesses who have or will be accessing Government support, and posts from different people across government and business.
Business Advice Hub
Visit our Business Advice Hub to access information for businesses affected by COVID-19 including advice, guidance and key links to financial support. We will continue to share updates regularly.
English Tourism Week 2020
English Tourism Week will take place on 25-31 May after being postponed due to the COVID-19 outbreak.
The week will now encompass the second bank holiday in May with the campaign focus being on engagement with Government, MPs and other stakeholders, to garner support for the recovery of English tourism and raise awareness of the importance, quality and value of the sector to the UK economy.