Coronavirus Business Interruption Loan Scheme

With the new coronavirus business loan scheme, if your turnover is up to £45 million you can apply for overdrafts, loans, invoice finance and asset finance up to £5 million. The government will therefore encourage lenders to give out these loans by guaranteeing 80% of any losses and there will be no upfront loan charges. The government will also cover the first 12 months of interest payments. The CBLIS has also been extended to all small viable businesses that have been affected by the pandemic – not just businesses that can’t get commercial financing. Lenders have also been banned from requiring you to use your savings or own property to guarantee a loan under £250000. 

How do I get this support?

Your business needs to:

-          Be based in the UK

-          Have an annual turnover of up to £45 million

-          Have a borrowing proposal that is considered viable

-          Have been adversely impacted by coronavirus, you can self clarify for this.

All major banks will be offering this scheme, the government website advises that you speak to your banking provider to ensure that you apply to any schemes you are eligible for.

The deadline for this is the end of March 2021, get in touch with Cheylesmore Chartered Accountants for more information