Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees.
Businesses can access the 12 months of that finance interest free, as government will cover the first 12 months of interest payments.
The Coronavirus Business Interruption Loan Scheme webpage is the best source of the latest information.
You should apply via your lender’s website or through one of the 40 accredited finance providers offering the scheme. The lender has the authority to decide whether to offer you finance.
The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The government will continue to cover the first twelve months of interest and fees.
As well as loans, there are many other types of finance supported by the programme, depending on the provider. You can find out what type of finance they provide on the British Bank partner page.