Monday, March 23, 2020

British Business Bank launches Coronavirus Business Interruption Scheme

The British Business Bank today launched the Coronavirus Business Interruption Loan Scheme that had been announced by the Chancellor in the 2020 Budget.

The scheme can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Eligibility Criteria

Smaller businesses from all sector can apply for the full amount of the facility. To be eligible for a facility under the Scheme, an SME must:

Be UK-based in its business activity, with annual turnover of no more than £45m
Have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender, and for which the lender believes the provision of finance will enable the business to trade out of any short-to-medium term difficulty.

For more information about the Scheme and how to apply visit: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/