Updated on November 10, 2020
CLBILS is a demand-led scheme targeted at larger businesses with a turnover of more than £45m.
The scheme is available through a series of accredited lenders, listed on the British Business Bank website.
Firms with a turnover of more than £45m can apply for up to £25m of finance, while firms with a turnover of more than £250m, including those that exceed £500m, can apply for up to £50m.
There are currently 27 lenders who can provide finance to eligible midsized and larger UK businesses with a group turnover of more than £45m.
Deadline update: As of November 2, the Chancellor announced the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will be extended until January 31, 2021.
Further details and applying
Finance is available in the form of:
- Term loans
- Revolving credit facilities (overdrafts)
- Invoice finance
- Asset finance
Not every accredited lender can provide every type of finance available under CLBILS, and the amount of finance offered varies between lenders. Please see the lenders’ websites for more information on the amounts they are able to offer.
CLBILS gives the lender a government-backed partial guarantee (80%) against the outstanding balance of the facility.
The borrower remains fully liable for the debt.
Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000.
For facilities above £250,000, personal guarantees may still be required, but claims cannot exceed 20% of losses after all other recoveries have been applied.
The Government said the new loans would be 80% guaranteed by the state and added that banks must not request personal guarantees on any loans under £250,000.
This complements existing support including the Corporate Financing Facility and the Business Interruption Loan Scheme.
Larger firms who do not qualify for the existing Business Interruption Loan Scheme – for small and medium sized businesses – and the Bank of England Corporate Financing Facility – for investment grade companies, can now apply for this.
If a business has taken advantage of the Corporate Finance Facility then it will be excluded from the Loan Scheme, but participation in any of the other Government schemes will not affect eligibility for the Scheme.