loans from £50m to £200m for larger businesses
Government has extended the Coronavirus Large Business Interruption Loan Scheme, with loans from £50 million to £200 million being made available to larger businesses.
Loans under the expanded scheme will be made available to large businesses affected by coronavirus from next week
Changes also mean companies receiving help through CLBILS and the Bank of England’s Coronavirus Corporate Financing Fund will be asked to agree to not pay dividends and to exercise restraint on senior pay.
The scheme will help ensure those large firms which do not qualify for the Bank of England’s Covid Corporate Financing Facility (CCFF) have enough finance to meet cash flow needs during the outbreak.
The expanded loans, which have been introduced following discussions with lenders and business groups, will be available from 26 May.
Further information on CLBILS can be found: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/clbils/