25 September 2020

British Business Bank confirms changes to ‘undertaking in difficulty’ guidance

To be eligible for these schemes, businesses previously had to demonstrate that they were not an ‘undertaking in difficulty’ – a requirement under EU State aid law – as of 31 December 2019. The definition of ‘undertaking in difficulty’ includes businesses that: had accumulated losses greater than half of their subscribed share capital (for limited […]

24 September 2020

Coronavirus loan schemes and the Future Fund extended to 30 November 2020

The Chancellor of the Exchequer has today extended the government’s three Coronavirus business interruption loan schemes and the Future Fund. The extension aligns all the end dates of the schemes to 30 November, ensuring that there is further support in place for those who may need it. More businesses will now be able to benefit […]

22 September 2020

British Business Bank Business support schemes deliver over £57bn of loans to smaller businesses

£38bn Bounce Back Loan Scheme £15.5bn Coronavirus Business Interruption Loan Scheme £3.8bn Coronavirus Larger Business Interruption Loan Scheme £720m Future Fund   Today the government published new statistics that show businesses across the UK have to date benefitted from 1,328,091 government-guaranteed loans worth £57.3bn to support their cashflow during the crisis through schemes delivered by […]

22 September 2020

Future Fund publishes diversity data of companies receiving convertible loan agreements

£720m worth of convertible loans approved for 711 companies 40% of funding to companies outside London worth £291.1m 82% of funding to mixed gender senior management teams 65% of funding to mixed ethnicity senior management teams Today the British Business Bank publishes Future Fund data that gives a detailed picture of the 711 companies that […]