The government today launched the Coronavirus Large Business Interruption Loan Scheme, complementing the existing support that includes the Covid Corporate Financing Facility and the Coronavirus Business Interuption Scheme.
At a press conference last Thursday (16 March) the Chancellor Rishi Sunak announced that all firms with a turnover of more than £45 million will be able to apply for up to £25 million of finance, and firms with a turnover of £250 million and above can apply for up to £50 million.
Businesses with a turnover of more than £50 million were not originally edible for the scheme, this ensures that even more businesses will benefit from the government support during the coronavirus crisis.
The scheme, which will launch on Monday, will be available through a series of accredited lenders, which will be listed on the British Business Bank website.
The Chancellor of the Exchequer, Rishi Sunak, commented:
“I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy. That is why we are expanding this generous scheme for larger firms.
“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”
For full information on the new scheme please visit the GOV.UKs Coronavirus Large Business Interruption Loan Scheme page.
In further news, the government announced that social-distancing measures would have to remain in place for at least another three weeks, read the full statement transcript here.
Find out more about the support available during the coronavirus crisis on our dedicated web page.
Any further information or questions please contact the Growth Hub team on 01905 677 888 or email email@example.com