The temporary Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.
The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
The government will provide lenders with a guarantee of 80% on each loan (subject to a pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The scheme will be delivered through commercial lenders, backed by the government-owned British Business Bank.
There are 40 accredited lenders able to offer the scheme, including all the major banks. Countingup is not one of these as we do not lend money and we strongly recommend you speak to an accountant before applying for any of these loans.
If you do not wish to speak to an accountant then you may want to apply through one of the approved British Business Bank platforms who will search through a number of these providers. We have partnered with the below platforms. If you choose to use one of these platforms it is up to you. We make no recommendation about which platform to use or in relation to any individual financing options that they offer.
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