Published on: 20 May 2020
The UK Government has extended the maximum loan available to businesses through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) – with loans of up to £200 million now available.
The maximum loan size has been increased from £50 million to £200 million. This change is to help larger firms, which are ineligible for the Bank of England’s COVID Corporate Financing Facility, to manage the impact of COVID-19 on their businesses.
The maximum loan amount was increased earlier this week following discussions with lenders and business groups.
British Marine understands that these higher value loans will be available from Tuesday 26 May.
Businesses which are successful, will be asked to agree not to pay dividends and to exercise restraint on senior pay. This will apply to businesses which receive help through the CLBILS and the Bank of England’s COVID Corporate Financing Fund.
More information on the announcement can be found here. Further information on the scheme and details of how to apply can be found on the following website which is managed by the British Business Bank.
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