Coronavirus Business Interruption Loan Scheme

The temporary Coronavirus Business Interruption Loan Scheme will support 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.

Eligibility

  • your business is UK based, with turnover of no more than £45 million per year
  • your business meets the other British Business Bank eligibility criteria

How to access the scheme

The scheme is now open for applications. All major banks are offering this scheme.

To apply, you should talk to your bank or one of the 40 accredited finance providers (not the British Business Bank) as soon as possible, to discuss your business plan. You can find out the latest on the best ways to contact them via their websites. Please note that branches may currently be shut down to enable social distancing.

The full rules of the scheme and the list of accredited lenders are available on the British Business Bank website.

CBILS

Coronavirus Business Interruption Loan Scheme

The full rules of the scheme and the list of accredited lenders are available on the British Business Bank website.

To apply, you should talk to your bank or one of the 40 accredited finance providers (not the British Business Bank)


Bank of England base rate

The Bank of England (BoE) base rate often called the interest rate or Bank Rate.

It sets the level of interest all other banks charge to borrowers.

Current base rate: 0.1%.

BANK OF ENGLAND BASE RATE

Current base rate: 0.1%