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Government loan schemes for businesses

26 May 2020 / Richard Churchill , Lucy Graham
Issue: 4745 / Categories: Comment & Analysis
21254
Loans for all?

Key points

  • Three government-backed loan schemes are available for UK businesses.
  • Bounce back loan scheme is for the smallest businesses.
  • Larger entities can consider the business interruption loan schemes.
  • Businesses should consider their current and future cash needs.
  • Other government grants may also be available.

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).

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