Coronavirus Business Interruption Loan is now accepting applications.

The Coronavirus Business Interruption Loan is now open for applications from small and medium sized businesses with a turnover of up to £45m. Eligible businesses will be able to access government-backed finance of up to £5m and interest payments on these loans will be covered by the government for an initial period of up to 1 year.

The scheme is available through a large list of lenders which can be found on the British Business Bank website. For larger firms, the Bank of England has a new lending facility called The Covid Corporate Financing Facility that is also open for applications from today.

Andrew Bailey, the Bank of England Governor comments, “On Monday [23 March] a new lending scheme, the Covid Corporate Financing Facility, will open to help businesses manage through this period of uncertainty. Combined with steps taken by the Government, this will help companies through this difficult time and support the needs of the people of this country.” 

Information on both the Covid Corporate Financing Facility and the Coronavirus Business Interruption Loan is available on the British Business Bank website.

Jacqui Kavanagh, CEO of Trinity EDGE Holdings Ltd comments, “After such an uncertain week it is a great relief to see that the Government are listening to us and putting procedures in place for businesses to access vital funds to help ease the pressure during these challenging times. We can only hope that the financial support continues to allow us to concentrate on getting our businesses ready for the future to bounce back from the Coronavirus impact. ”