Coronavirus Loan Schemes Extended
The government’s three Coronavirus business interruption loan schemes – the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Bounce Back Loan Scheme (BBLS) – and the Future Fund will be extended to 31 January 2021. Eligible businesses will be able to ‘top up’ existing Bounce Back Loans should they need additional finance.
To find out more, including eligibility click on the corresponding loan scheme
Coronavirus Business Interruption Loan Scheme (CBILS)
- For smaller businesses with a turnover of less than £45m
- Looking for up to £5m in finance
- Business loans, overdrafts, invoice finance & asset finance available
- First 12 months of interest and lender-levied fees covered
- More than 90 accredited lenders
- The Coronavirus Business Interruption Loan Scheme will be extended until 31 January 2021
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- For larger businesses with a group turnover of more than £45m
- Looking for up to £200m in finance
- Business loans, overdrafts, invoice finance & asset finance available
- Repayment terms of up to three years
- Delivered by lenders accredited by the British Business Bank
- The Coronavirus Large Business Interruption Loan Scheme will be extended until 31 January 2021
Bounce Back Loan Scheme (BBLS)
- For SMEs, micro businesses and other businesses requiring smaller loans
- Looking for between £2,000 and £50,000
- Term loan repaid over six years
- No set-up fees and first 12 months of interest payments covered by government
- No repayments during the first 12 months
- The Bounce Back Loan Scheme will be extended until 31 January 2021
Future Fund
- Convertible loans from £250,000
- From £125,000 to £5m in government support
- Third-party investors must at least match government support, with no maximum investment limit
- Companies need to have previously raised £250,000+ in equity investment
- The Government has announced an extension to the Future Fund. The Future Fund will now close for new applications on 31 January 2021
