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How To Apply For A Coronavirus Large Business Interruption Loan

Posted 4 years ago

How To Apply For A Coronavirus Large Business Interruption Loan
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Introduced as part of a package of support schemes brought in by the government, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is designed to provide funding for businesses with an annual turnover of more than £45m. The scheme officially opened on April 20, 2020.

Key elements of the scheme

  • The maximum amount available through CLBILS to a borrower and its group has now increased from £50m to £200m
  • Term loans and revolving credit facilities over £50m will be offered by CLBILS lenders which have secured additional accreditation from the British Business Bank
  • You can apply for; loans, revolving credit facilities, invoice finance and asset finance
  • Finance is available from 3 months to 3 years
  • Unlike CBILS, the government will not cover the interest and any lender-levied fees in the first 12 months of any CLBILS facility, so commercial rates of interest will be charged

Who is eligible?

In order to apply successfully for CLBILS, a business must;

  • Be based in the UK
  • Have an annual turnover over £45 million
  • Self-certify that it has been adversely impacted by the Coronavirus
  • Not have received a facility under the Bank of England’s Covid Corporate Financing Facility (CCFF)
  • Have a borrowing proposal which the lender:
    • Would consider viable, were it not for the COVID-19 pandemic
    • Believes it will enable you to trade out of any short-term to medium-term difficulty

How do I apply?

There are 12 lenders taking part in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You’ll need to tell the lender:

  • the amount you’d like to borrow
  • what the money's for
  • how long you’d like to pay it back

According to the government, you’ll need to provide documents that show you can afford to repay the loan.

These may include:

  • management accounts
  • cash flow forecast
  • business plan
  • historic accounts
  • details of assets

The documents you need will depend on the lender. A loan could still be an option even if you do not have everything listed here.

The lender will check that the loan is:

  • for a suitable business purpose
  • affordable for you
  • the right type of finance for your needs

The lender will decide whether to offer you a loan or another type of finance. Your business will be responsible for repaying 100% of the amount you borrow.

To begin an application, start by finding an accredited lender

Author: Sacha Bright & Oliver Murphy


To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.



Tagged: CBILS CLBILS Covid-19 Loans

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