Coronavirus Business Interruption Loan Scheme

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🦠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

KEY FEATURES

🦠Up to £5m facility
🦠80% guarantee
🦠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…/