Chancellor outlines support for large businesses affected by COVID-19

On Thursday 16th April, Chancellor Rishi Sunak explained that firms with a turnover in excess of £45 million can now apply for up to £25 million of finance (up to £50 million for businesses with a turnover of over £250 million – originally firms with a turnover of more than £500 million were not eligible for the scheme).

 Business support available

• Turnover < £45M - Coronavirus Business Interruption Loan Scheme

• Turnover > £45M - Coronavirus Large Business Interruption Loan Scheme

Source: gov.co.uk

CLBILS – key details

• The government will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance.

• Businesses will still be 100% responsible for paying the facility back, as well as interest and fees charged by the lender.

• A list of accredited lenders offering the scheme will be listed on the British Business Bank website. 

• Sole traders and freelancers can apply, as long as the business activity is operated through a business account. 

• A business must be UK based in its business activity to be eligible, with turnover of more than £45m per year – further eligibility criteria can be found

   

  Other financial support measures for businesses include the CBLIS (for small to medium sized businesses), the Covid Corporate Financing Facility, the Coronavirus Job Retention Scheme, VAT and tax deferrals, business rates holidays and a range of other measures. 

For the latest information, visit the government's support for businesses page.

At Funding Options, we’re working around the clock to help businesses access the relevant financial support. As well as the temporary government-backed coronavirus measures, we can provide information on how to boost working capital through asset refinance, invoice finance, unsecured loans and more.

Find out what your business is eligible for today.