🦠Coronavirus Business Interruption Loan Scheme🦠
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts.
The government will provide lenders with a guarantee of 80% on each loan
🦠Up to £5m facility
🦠No guarantee fee for SMEs to access the scheme
🦠Interest and fees paid by Government for 12 months
🦠Finance terms: 6 Years or 3 Years
🦠Security:the scheme may be used for unsecured lending for facilities of £250,000 and under.
The full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website: https://www.british-business-bank.co.uk/…/coronavirus-busi…/