Businesses will be able to benefit from larger loans under the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the government announced today.
The maximum loan size available under the scheme will be increased from £50m to £200m to 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 cashflow needs during the outbreak.
The expanded loans, which have been introduced following discussions with lenders and business groups, will be available from May 26.
John Glen, the economic secretary to the Treasury, said: “We’re determined to support businesses of all sizes throughout this crisis and our loans and guarantees have already provided over £32 billion to thousands of firms.
“Today we’re increasing the maximum loan to £200 million to make sure companies get the help they need.”
So far, businesses have benefitted from over £32bn in loans and guarantees to support their cashflow during the crisis.
This includes 268,000 Bounce Back Loans worth £8.3bn, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme, and £359m through the Coronavirus Large Business Interruption Loan Scheme, alongside £18.7bn.