The Coronavirus Large Business Interruption Loan Scheme (CLBILS) facilitates access to finance for medium-sized and larger businesses affected by the coronavirus outbreak.
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About the scheme
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides finance to mid-sized and larger UK businesses with a group turnover of more than £45m (the upper limit for the existing smaller-business focused CBILS) that are suffering disruption to their cashflow due to lost or deferred revenues during the COVID-19 outbreak.
Following HM Treasury’s announcement on 19 May, several changes to the CLBILS scheme have taken effect from 26 May. 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 £50m.
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 on 26 May, including new provisions on seniority of CLBILS facilities, can be found in the CLBILS FAQs for businesses.
Please note that as of 2 November, the Government has announced that the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will be extended until 31 January 2021.
How it works
CLBILS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
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.
Key features of the scheme
|Finance of up to £200 million||Guarantee to the lender to encourage them to lend|
|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 £50m (see footnote ).||The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding balance of the finance.
The borrower remains 100% liable for the debt.
|From three months to three years.||No personal guarantees are permitted for facilities under £250,000.
For facilities of £250,000 and over, claims on personal guarantees cannot exceed 20% of losses after all other recoveries have been applied.
Find out more
CLBILS for businesses – how medium-sized and larger businesses will be able to apply for the scheme
CLBILS: current accredited lenders – lenders providing finance through CLBILS
CLBILS for accredited lenders – information for lenders on how to provide finance through CLBILS
Become a CLBILS accredited lender – details of accreditation for prospective lenders
 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 to the additional restrictions noted above.