UK: value of approved coronavirus large business interruption loans in the UK 2021
In response to the extensive economic disruption caused by the COVID-19 pandemic, the United Kingdom's Government created a range of measures to help support businesses survive the loss in revenues and cashflow. To help mid-sized and larger enterprises with a group turnover of more than 45 million British pounds, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) was set up.
The scheme operates through the British Business Bank via accredited lenders, which can provide up to 200 million British pounds in finance. These lenders can then provide finance in the form of term loans, revolving credit facilities (overdrafts), invoice finance and asset finance. For term loans and revolving credit facilities, finance that could be offered was increased from 50 million GBP after an announcement by HM Treasury on the 19th of May 2020.
Between the 10th of May, 2020 and the 31st of May, 2021, the cumulative value of approved facilities through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) in the United Kingdom (UK) had amounted to 5.56 billion British pounds across more than 750 approved facilities.
The scheme operates through the British Business Bank via accredited lenders, which can provide up to 200 million British pounds in finance. These lenders can then provide finance in the form of term loans, revolving credit facilities (overdrafts), invoice finance and asset finance. For term loans and revolving credit facilities, finance that could be offered was increased from 50 million GBP after an announcement by HM Treasury on the 19th of May 2020.
Between the 10th of May, 2020 and the 31st of May, 2021, the cumulative value of approved facilities through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) in the United Kingdom (UK) had amounted to 5.56 billion British pounds across more than 750 approved facilities.
