Changes to Coronavirus Large Business Interruption Loan Scheme from 26 May

Press release 26 May 2020

Following HM Treasury’s announcement on 19 May, several changes to the Coronavirus Large Business Interruption Loan Scheme (CLBILS) take effect from today.

The scheme facilitates access to finance for mid-sized and larger businesses with a group turnover of more than £45m affected by the coronavirus outbreak.

The maximum amount available through CLBILS to a borrower and its group has now increased from £50m to £200m. Term loans and revolving credit facilities over £50m will be offered by CLBILS lenders which have secured additional accreditation. The maximum size for invoice finance and asset finance facilities remains at £50m1 .

Companies borrowing more than £50m through CLBILS will be subject to further restrictions on dividend payments, senior pay and share buy-backs during the period of the loan.

Further information on changes introduced today, including new provisions on seniority of CLBILS facilities, can be found on the CLBILS page on the British Business Bank website.

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    Borrowers may be able to access additional facilities from separate accredited lenders provided they do not in aggregate exceed the maximum amount applicable to that borrower. Please note that the additional finance may mean the borrower must abide by the additional restrictions noted above.