Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The newly launched Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to mid-sized and larger UK businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.

The scheme is a part of a wider package of government support for UK businesses and employees. Read more at the Government’s Business Support website.

Specifically, it facilitates access to finance for businesses with a turnover above £45 million, the upper limit for the existing smaller-business focused Coronavirus Business Interruption Loan Scheme (CBILS).

How it works

CLBILS will be available through a range of British Business Bank accredited lenders and partners, which will be listed on the British Business Bank website.

A lender can provide:

– up to £25 million to businesses with turnover from £45 million up to £250 million

– up to £50 million to businesses for those with a turnover of over £250 million

Finance is available in the form of:

– term loans
– revolving credit facilities (including overdrafts)
– invoice finance
– asset finance

CLBILS gives the lender a government-backed partial guarantee (80%) against the outstanding balance of the facility.

The borrower remains fully liable for the debt.

Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000.

For facilities above £250,000, personal guarantees may still be required, but claims cannot exceed 20% of losses after all other recoveries have been applied.

Click here to find out more

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