Coronavirus loan schemes and Future Fund extended to 31 January 2021

Coronavirus loan schemes and Future Fund extended to 31 January 2021

The Prime Minister has announced that 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.

It was also announced that eligible businesses will be able to ‘top up’ existing Bounce Back Loans should they need additional finance.

Further information on the changes to the four schemes will be available on the British Business Bank website in due course.

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

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

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

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

Share this news story:

Other News

25-11-2020
Chancellor Rishi Sunak sets out Spending Review

Today, chancellor Rishi Sunak announced new financial measures for the coming years in the Spending Review.

Read More
25-11-2020
LAS and Greater Lincolnshire LEP Join ‘Food from England’ Group

A powerful new group has been formed to give England’s food and drink industry a strong collective voice.

Read More

Join our ever-growing membership base

Become a member