Covid-19 business support
Banks and other finance providers recognise that the cashflow of small and medium sized businesses may be disrupted by the impact of Covid-19.. Banks and lenders remain open for business and are well placed to assist all businesses, including sole traders and SMEs, looking for support.
Please find below information relating to the various loan schemes announced by the Chancellor aimed at supporting businesses of all sizes through the current crisis.
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The Bounce Back Loan (BBL) scheme announced by the chancellor is part of the banking and finance industry’s broad package of support for SMEs including capital repayment holidays, overdrafts, working capital extensions and asset-based finance. |
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The Coronavirus Business Interruption Loan Scheme (CBILS) was announced by the chancellor as part of a series of government measures to support SMEs. Since the scheme’s launch on 23 March, the industry has worked with government and the British Business Bank to both enhance processes and widen the scheme’s eligibility. |
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The Coronavirus Large Business Interruption Loan Scheme (‘CLBIL scheme’) was launched on Monday 20th April 2020, enabling an alternative solution for those viable larger businesses with a turnover above £45 million which are suffering Covid-19 disruption. |