The new COVID-19 Business Interruption Loan Scheme supports small and medium sized enterprises (SMEs) with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million in value and for up to 6 years.
The Government will pay to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will not face any upfront costs and will benefit from lower initial repayments.
The Government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs.
This scheme is being delivered through commercial lenders, backed by the British Business Bank.
The enterprise will be eligible for the scheme if:
- Its business is UK based, with turnover of no more than £45 million per year
- Its business meets the other British Business Bank eligibility criteria
How we can help
We can assist businesses with applications for Business Interruption Loans, please contact your usual Lubbock Fine contact or Matthew Green (firstname.lastname@example.org) to see if we can help.