Loans for businesses affected by Coronavirus

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There are a number of different types of loan available to businesses in the UK suffering as a result of the Coronavirus pandemic, as follow:

 

Bounce Back Loan Scheme (BBLS)

BBLS, which went live on 4 May, is for small and micro businesses and will provide 100% government-guaranteed loans from £2,000 to £50,000, subject to a cap of 25% of the business’ turnover. The scheme will be operated through a network of accredited lenders approved by the British Business Bank and businesses, with application via a short, standardised online form. Read more.

View accredited lenders on the British Business Bank website.

Coronavirus Business Interruption Loan Scheme (CBILS)

Under CBILS, the UK government will guarantee 80% of certain new loans and other finance facilities of up to £5 million for SMEs who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Our frequently asked questions and answers provide clarity around eligibility and how to apply. Read more.

View a list of accredited lenders on the British Business Bank website.

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

CLBILS was launched on 20 April to support larger businesses – specifically those with a turnover in excess of £45 million (on a group basis), working in specific sectors. Further information can be found here.

A list of accredited lenders is available on the British Business Bank website.

Preparing for loan applications under the CBILS or CLBILS

We have identified some of the key considerations for businesses looking to take advantage of either CBILS or CLBILS. Our article contains practical information and planning points for businesses preparing an application for funding under these schemes. Read more.

Coronavirus and business valuations

Our experts consider how the Coronavirus pandemic has impacted business valuations in the UK. Read more.

Find Coronavirus financial support

The government also has an online tool, which aims to help businesses find financial support. You can access the tool at: www.gov.uk/business-coronavirus-support-finder.

If you would like advice on accessing any of the UK Coronavirus support for businesses, please contact us directly.

 

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