Coronavirus Business Interruption Loan Scheme
Here is the latest advice from HMRC regarding the Business Interruption Loan Scheme.
What is it?
The temporary Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years.
The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank.
There are 40 accredited lenders able to offer the scheme, including all the major banks.
Am I eligible?
You are eligible for the scheme if:
- your business is UK based, with turnover of no more than £45 million per year
- your business meets the other British Business Bank eligibility criteria
How do I access it?
You should apply via your lender’s website or through one of the 40 accredited finance providers offering the scheme (and not the British Business Bank).
Please note that branches may currently be shut down to enable social distancing.
The full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website.
When can I access it?
The scheme is now open for applications. All major banks are offering this scheme.