Coronavirus Financial Support – Loans

A number of loans are available.  All are interest free for 12 months, with the ability to pay over 6 years.

Loans are available from accredited lenders, which can be found here.

LOANS:

BOUNCE BACK LOAN:

  • For SMEs – £2k – £50k – 100% Government guaranteed,
  • Free for first 12 months and then 2.5% interest for up to next 6 years
  • Business must not have been in difficulty on 31.12.19
  • Can transfer a CBILS over to Bounce Back

 CBILS:

  • SMEs & Self Employed, if no more than £45m/yr turnover
  • Can self-certify that coronavirus has adversely affected your business
  • Up to £5m loan for up to 6 years, 1st 12 months interest free Government gives guarantee for 80% of the loan.
  • This loan has been slow in delivery but now approval is relatively fast, monies into the bank account not so fast, depending upon which bank you have the loan with
  • This site is useful for small businesses looking for CBILS loans, what is needed and what you will get. and how other loans compare
  • following changes to EU state aid rules, small businesses previously classed as ‘undertakings in difficulty’ will now be eligible for loans of up to £5m under the government’s existing Coronavirus Business Interruption Loan Scheme (CBILS).

CLBILS:

  • For businesses of £45m+ turnover (£25m finance or those £250 million+ can apply for up to £50 million of finance).
  • 80% Government guaranteed.
  • Lender must consider the business viable, if not for the coronavirus pandemic and believe you will enable you to trade out of any short-term to medium-term difficulty

CORONAVIRUS FUTURE FUND:

  • Open to applications on Wednesday 20 May 2020.
  • Provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
  • A business is eligible for the Future Fund if:
    • It is UK-incorporated. If the business is part of a corporate group, only the parent company is eligible.
    • It has raised at least £250,000 in equity investment from third-party investors in the last five years.
    • None of its shares are traded on a regulated market, multilateral trading facility or other listing venue.
    • It was incorporated on or before 31 December 2019.
    • At least one of the following is true: half or more employees are UK-based and/or; half or more revenues are from UK sales.

    The fund is currently due to run until at least the end of September.

BANK OF ENGLAND CORPORATE FINANCING FACILITY:

  • BoE will buy short-term debt from large companies that make a material contribution to brand UK.

 

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