The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will open on Monday 20 April 2020 to facilitate access to finance for medium-sized and larger businesses affected by the coronavirus outbreak.
The UK Government has announced the Coronavirus Large Business Interruption Loan Scheme (CLBILS) which will provide financial support to mid-sized and larger UK businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
Specifically, the CLBILS scheme will facilitate access to finance for businesses with a turnover above £45 million, the upper limit for the existing smaller-business focused Coronavirus Business Interruption Loan Scheme (CBILS).
Approved lenders can now provide:
- Up to £25 million to businesses with turnover from £45 million up to £250 million
- Up to £50 million to businesses for those with a turnover of over £250 million
Finance will be available in the form of:
- Term loans.
- Revolving credit facilities (including overdrafts).
- Invoice finance.
- Asset finance.
For facilities above £250,000, personal guarantees may still be required, but claims cannot exceed 20% of losses after all other recoveries have been applied.
You can read more about this new CLBILS scheme over on the British Business Bank website, here.