The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.
The government guarantees 80% of the finance to the lender.
ELIGIBILITY CRITERIA:
The business:
- Is based in the UK
- Has an annual turnover of over £45 million
- Has not received support under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
All businesses that apply must show that:
- The business would be viable were it not for the pandemic
- The business has been affected by coronavirus
- The loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus
If a business is borrowing more than £50 million you must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan.
Banks, insurers and reinsurers (but not insurance brokers), building societies, public-sector bodies, state-funded primary and secondary schools are ineligible.
A lender can provide up to 25% of your annual turnover. The maximum amount you can borrow is £200 million. Finance is available from 3 months to 3 years