Changes to Coronavirus Large Business Interruption Loan Scheme (CLBILS)
Following HM Treasury’s announcement on 19th May, several changes to the Coronavirus Large Business Interruption Loan Scheme (CLBILS) take effect from, Tuesday 26th May.
Please find attached an updated CLBILS factsheet which you are welcome to share to support awareness.
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 £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 today, including new provisions on seniority of CLBILS facilities, can be found on the CLBILS page on the British Business Bank website. Please note that we have introduced a new, in-depth FAQs section for businesses, which has the full details of the changes to the scheme. This information can be shared with your SME clients and networks, but please note that any queries by SMEs in relation to their specific circumstances must be directed to their lender or one of the accredited CLBILS lenders and not to the BBB.