Business Interruption Loan Scheme expanded to support large businesses

17 April 2020

Rishi Sunak has announced that the Coronavirus Business Interruption Loan Scheme will now provide financial support to all viable firms impacted by the COVID-19 outbreak.

The existing Business Interruption Loan Scheme provides support for small and medium sized enterprises and the Bank of England Covid Corporate Financing Facility provides funding for investment grade companies, however this latest announcement ensures that viable businesses of all sizes will be able to benefit from government support.

The Coronavirus Large Business Interruption Loan Scheme allow s businesses with a turnover of over £45 million to apply for finance of up to £25 million. In addition to this, financial support of up to £50 million is available for firms with a turnover of more than £250 million.

The scheme launched on 20 April 2020 and is available through accredited lenders, which are listed on the British Business Bank website.

Further information on the Large Business Interruption Loan Scheme can be found here.

For more guidance on the support available to businesses impacted by the coronavirus, contact Backhouse Jones on 01254 828300.