Coronavirus large business loans launch
22 April 2020
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched on Monday 20 April. All viable businesses with turnovers of more than £45m can apply for support.
Those with turnovers between £45m and £250m can borrow up to £25m. Businesses with turnovers over £250m can borrow up to £50m. This includes businesses with turnovers of more than £500m, who were originally not eligible for the scheme.
The government support package totals £330bn, through loans and guarantees. It provides lenders with an 80% guarantee. Accredited lenders are listed on the British Business Bank website.
ASE’s Mike Jones welcomed the news but highlighted the ‘viable businesses’ aspect. “Given the number of times the word viable appears in the press release, I expect there to be significant budget and cashflow hurdles.”