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Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme was introduced to help businesses affected by COVID-19 to cashflow their operations. 

Coronavirus Small to Medium Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses, with an annual turnover of up to £45m, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to six years. The scheme was updated from the original scheme proposed by the government, this updated scheme will be more accessible for smaller businesses.

Eligibility

Businesses are eligible for the loan scheme if:

  • they are UK based
  • their annual turnover is no more than £45 million
  • Have a borrowing proposal which the lender:

They must also have a borrowing proposal which the lender:

a) would consider viable, were it not for the COVID-19 pandemic

b) believes will enable you to trade out of any short-term to medium-term difficulty

Businesses from any sector can apply, except the following:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

Supporting documents
You'll need to provide documents that show you can afford to repay the loan.

These may include:

  • management accounts
  • cash flow forecast
  • business plan
  • historic accounts
  • details of assets

The documents required will vary from lender to lender and depend on how much you're asking for. If you're asking your existing lender for a small loan, the process may be automated and not require all of the documents.

How to access

Businesses can apply through a lender's website. They are 40 accredited providers, of which Ulster Bank, Bank of Ireland and Danske Bank are included. View the full list of banks

Personal guarantees are not required to secure lending below £250,000 and for borrowing above £250,000, personal guarantees will be capped at 20% of the outstanding value of the loan. Government is providing an 80% guarantee. 

The scheme is currently open. British Bank are responsible for running this scheme.

View full information on British Business Bank website

 

Applications are open. Businesses should apply through a lenders website, there are 40 accredited providers. 

Apply with Ulster Bank

Apply with Danske Bank 

Apply with Bank of Ireland

Apply with Santander

Apply with Barclays

View the full list of banks participating

Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) is available to all viable businesses with a turnover of more than £45 million. The scheme will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of more than £45 million and loans up to £50 million for firms with a turnover of more than £250 million. Eligibility is similar to the small/medium sized business scheme. 

Large Business Scheme: Eligibility and Information

Businesses are eligible for the loan scheme if:

  • they are UK based
  • their annual turnover is over £45 million 
  • they are unable to secure regular commercial financing
  • your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility

They must also have a borrowing proposal which the lender:

a) would consider viable, were it not for the COVID-19 pandemic

b) believes will enable you to trade out of any short-term to medium-term difficulty

Businesses from any sector can apply, except the following:

  • credit institutions, insurers and reinsurers (but not insurance brokers)
  • building societies
  • public-sector bodies
  • state-funded primary and secondary schools

This scheme is operated by British Business Bank. 

View British Business Bank information on the scheme

 

The scheme is open for applications. Businesses should apply directly through a lender.

Apply with Danske Bank 

Apply with Santander

Apply with Barclays

Apply with HSBC

 

This page was last updated 4 May 2020.

Coronavirus Business Advice and Support

The AND business team is here to support you.

For further information or if you need help and advice, please get in touch via email or telephone 028 9147 3788