Business Interruption Loan Scheme
The British Business Bank will launch a scheme from the week commencing 23 March 2020 to support businesses with a turnover of no more than £45 million per year. The government will provide lenders with a guarantee of 80% on each loan. This applies for loans of up to £5m in value and for up to 6 years. No interest will be charged for the first 12 months.
The scheme is now open for applications as from Monday 23 March. To apply, you should talk to your bank or one of the accredited finance providers (See the enclose schedule) as soon as possible, to discuss your business plan.
The major high street banks are on this list of finance providers. “Gov.uk” states that more information can be found on their websites.