Fund title: Coronavirus Business Interruption Loan Scheme
Focus of fund/fund aims:
Government-secured lending to support small businesses through the short-term uncertainty of the COVID-19 crisis
The Coronavirus Business Interruption Loan Scheme is now open for applications. It will support SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.
The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
The funding is intended to support businesses through the short-term uncertainty of the current COVID-19 crisis and can be used for a viable business proposal such as developing a project, purchase of equipment, expanding an existing business or for short-term cashflow concerns.
There are 40 accredited lenders able to offer the scheme, including all the major banks.
To apply, you should talk to your bank or one of the finance providers listed by the British Business Bank as soon as possible, to discuss your business plan.