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The scheme helps medium and large sized businesses to access loans and other kinds of finance up to 拢200 million.

The government guarantees 80% of the finance to the lender.

The scheme is open to applications until 31 March 2021.

Eligibility

You can apply for a loan if your business:

• is based in the UK
• has an annual turnover of over 拢45 million
• has not received support under the Bank of England鈥檚 COVID-19 Corporate Financing Facility (CCFF)

You need to show that:

• your business would be viable were it not for the pandemic
• your business has been affected by coronavirus
• the loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus

If you鈥檙e borrowing more than 拢50 million you must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. .

Who cannot apply

Businesses from any sector can apply, except:

• banks, insurers and reinsurers (but not insurance brokers)
• building societies
• public-sector bodies
• state-funded primary and secondary schools

What you can get

You can apply for:

• loans
• revolving credit facilities (including overdrafts)
• invoice finance
• asset finance

A lender can provide up to 25% of your annual turnover. The maximum amount you can borrow is 拢200 million.

How long the loan is for

Finance is available from 3 months to 3 years.

How to apply

There are 27 lenders taking part in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender鈥檚 website.

You鈥檒l need to tell the lender:

• the amount you鈥檇 like to borrow
• what the money is for
• how long you鈥檇 like to pay it back

Supporting documents

You鈥檒l need to provide documents that show you can afford to repay the loan.

These may include:

• management accounts
• cash flow forecast
• business plan
• historic accounts
• details of assets

The documents you need will depend on the lender. A loan could still be an option even if you do not have everything listed here.

The lender will check that the loan is:

• for a suitable business purpose
• affordable for you
• the right type of finance for your needs

The lender will decide whether to offer you a loan or another type of finance. Your business will be responsible for repaying 100% of the amount you borrow.

If the lender turns you down

If one lender turns you down, you can .

You may want to consider using a broker to find the right type of finance for your needs, or do your own research using the .