This scheme is not available yet. We expect it to launch before the end of April 2020.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will support large businesses, with an annual turnover of between £45 million and £500 million, to access loans of up to £25 million.

We expect the scheme to be delivered through commercial lenders. The government will provide lenders with an 80% guarantee on individual loans for businesses that would be otherwise unable to access the finance they need.

This will give banks the confidence to lend to many more businesses which are impacted by coronavirus. Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest.

This scheme allows lenders to support businesses that were viable before the coronavirus outbreak but now face significant cash flow difficulties that would otherwise make their business unviable in the short term.

Eligibility

You’re eligible if your business:

  • is based in the UK
  • has an annual turnover of between £45 million and £500 million
  • is unable to secure regular commercial financing
You must also have a borrowing proposal which the lender:

  • would consider viable, if not for the coronavirus pandemic
  • believes will enable you to trade out of any short-term to medium-term difficulty
Businesses with a turnover of less than £45 million may be entitled to other government support.

Exceptions

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • further-education establishments, if they are grant-funded
  • state-funded primary and secondary schools

Further detail on eligibility will be confirmed later this month.

How to apply

The scheme will launch later this month. We anticipate it will be available through a range of accredited lenders.

Once the scheme has launched, there is likely to be a big demand for facilities. You should consider applying via the lender’s website in the first instance. Telephone lines are likely to be busy and branches may have limited capacity to handle enquiries due to coronavirus.