Previous programs have seen nearly 1.6 million approved establishments lend nearly £ 74 billion to businesses to support them during the coronavirus pandemic.
The new program provides businesses of all sizes with continued access to loans and other types of financing up to £ 10million per business to help them recover and thrive after the disruption of the pandemic.
The funding can be used for legitimate business purposes, including growth and investment, and will be backed by an 80% government guarantee to the lender to ensure they can continue to lend with confidence to borrowers.
The new program was launched on April 6, 2021 and will remain open until December 31, 2021 and loans will be available through a network of approved lenders, who can be found here on the British Business Bank website with details of how to applyYes.
In addition to loans between £ 25,001 and £ 10million, bill and asset financing is available up to the same limit, but from £ 1,000.
Loan terms and asset financing will be for a maximum of six years with overdraft and billing facilities for a maximum of three years.
Participating banks will be asked not to take personal guarantees or guarantee the loan on borrowers’ housing.
At this point, the eligibility criteria defined by the government are straightforward and require the company to:
- UK trade
- wouldn’t that be viable for the pandemic
- impacted by the pandemic
- not subject to insolvency proceedings
Businesses that have accessed previous COVID-19 secured loan programs will still be eligible for funding under this program if they meet the eligibility criteria.
Some businesses and organizations will not be eligible, including banks, building societies, insurers and reinsurers (except brokers), public sector bodies, and publicly funded primary and secondary schools.
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Publication date 03 March 2021 | Last updated 07 Apr 2021