Cashflow Support Via Interest Free Loans
What is it? Delivered through the British Business Bank and 22 participating lenders in Northern Ireland. The Government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims). The scheme will support loans (including Term Facilities, Overdrafts, Invoice Finance and Asset Finance) of up to £5m.
Businesses can access the first 12 months of the finance interest free.
Can I apply? UK based SMEs with a turnover of no more than £41 million per annum.
How Do I access? Talk directly to your bank or finance provider (not the British Business Bank) as soon as possible.
What’s next? The scheme will launch on Monday 23 March.
Further Information Link: https://www.british-business-bank.co.uk/ourpartners/%20coronavirus-business-interruption-loan-scheme-cbils/