Coronavirus Business Interruption Loans and Finance
Jeremy Over | 27.04.2020
10.04.2020 Anna West
What is it?
A Government backed scheme enabling lenders (accredited by British Business Bank), to offer term loans, asset finance, invoice finance and revolving credit facilities.
The backing of the Government provides lenders with a guarantee against the balance of 80% of the loan. You (as the borrower), remain liable for the whole debt you take out.
The maximum facility under the scheme is £5 million. In addition, the Government will cover the first 12 months of interest payments, and any lender levied charges.
Is my business eligible?
Your business must:
How do I apply?
By approaching one of the accredited lenders the names of which you can find here and who can be filtered by the type of facility and locations using the ‘filter by financial variant’ and ‘filter by region’ filters on the right hand side of the page.
Decisions as to whether to eligibility criteria under the scheme are satisfied has been delegated to accredited lenders.
What information will I be asked for?
Things you may be asked to provide, include:
What do I need to think about?
As with any facility, you need to consider: