A major part of the government’s response to the economic impact of the coronavirus pandemic has been to make capital available to businesses via a range of underwritten loan schemes.
As part of the Winter Economy Plan unveiled by the Chancellor today, access to these schemes will be extended to 30 November 2020 for new applications. The schemes include:
Bounce Back Loan Scheme (BBLS) which has provided £38 billion of finance through more than a million loans to UK-based small businesses
Coronavirus Business Interruption Loan Scheme (CBILS) which has provided over 66,000 loan facilities worth £15.5 billion to eligible UK-based businesses with turnover under £45 million
Coronavirus Large Business Interruption Loan Scheme (CLBILS) which has provided more than 566 facilities worth over £3.8 billion to eligible UK-based businesses with turnover above £45 million.
Existing business borrowers
Mr Sunak also announced measures to help businesses that have already taken advantage