Government loan schemes for businesses

As a direct result of the coronavirus pandemic millions of UK businesses find themselves unable to generate cash. So being able to access funding quickly is vital for their survival.

The government recognised these urgent requirements and on 20 March chancellor Rishi Sunak announced several measures to support businesses by giving them access to finance through accredited lenders under two main schemes: the coronavirus business interruption loan scheme (CBILS) and the coronavirus large business interruption loan scheme (CLBILS).

Changes to the schemes were announced on 2 April and 18 April in recognition of the low numbers of businesses eligible to access funds to speed up accessibility and to increase support for larger businesses. Further on 27 April a new bounce back loan scheme (BBLS) was announced for the smallest businesses. The three schemes are available for an initial period...