Government Financial Support for Large Businesses
The government has released a raft of measures to support businesses and sole traders through the Covid-19 pandemic. Use the support finder to see what schemes are still available for you and your business.
Loan extensions - (UPDATED 21/12/2020)
Application deadlines have been extended to March 31 2021 for the following loan schemes:
- Coronavirus Bounce Back Loan
- Coronavirus Business Interruption Loan
- Coronavirus Large Business Interruption Loan
The deadline for the Coronavirus Future Fund is 31 January 2021.
Coronavirus Large Business Interruption Loan Scheme
The Government announced an initiative to support businesses with turnover between £45 million and £500 million.
All viable businesses with turnover of more than £45 million per year can apply for up to £25 million of finance. Firms with a turnover of more than £250 million can apply for up to £50 million of finance.
The government provides lenders with an 80% guarantee on individual loans. Facilities backed by a guarantee under CLBILS are offered at commercial rates of interest.
You're eligible if:
- your business is based in the UK
- your business has an annual turnover of over £45 million
- you can self-certify that your business has been adversely impacted by coronavirus
- your business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility
You must also have a borrowing proposal which the lender:
- would consider viable, if not for the coronavirus pandemic
- believes will enable you to trade out of any short-term to medium-term difficulty
To help you keep your business operating, we’ve made it easy to access the correct and most up-to-date information. Below, you’ll find information on government support for businesses and individuals and practical advice to help you to manage your business through this unusual period.