Monday, 4 May, 2020
Government-backed loans for UK businesses impacted by coronavirus (COVID-19) are now also available to further education establishments.
The Coronavirus Business Interruption Loan Scheme (CBILS) supports primarily small and medium-sized businesses to access bank lending during the coronavirus outbreak. Those with an annual turnover of up to £45 million can obtain loans, overdrafts, invoice finance and asset finance of up to £5 million over a maximum of six years. Applicants can access the first year of that finance interest free, as the Government is covering the initial 12 months of interest payments. The Government will guarantee 80% of the finance to the lender.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) will ensure that more UK firms are able to benefit from public money during this difficult time. The scheme provides a government guarantee of 80% to enable banks to make loans of up to £25 million to all viable firms with an annual turnover of more than £45 million and up to £50 million for those with a turnover of more than £250 million.
Previously, these schemes were only targeting businesses. Now, eligibility for the loans has been widened to also include further education establishments across the UK.
More details of how to access these loans can be found on the British Business Bank website.
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