Approvals deadline for Coronavirus loan schemes extended

Please note this article was published on 20th August 2020 and may be out of date. For the latest information about financial support around Coronavirus, please click here

The British Business Bank has given banks extra time to approve loans under the state-backed lending schemes.

Applications for the Coronavirus Business Interruption Loan Scheme (CBILS) still have to be received by midnight on 30 September, but lenders will now have two additional months to consider the cases. The final approvals date is now pushed to 30 November.

CBILS details:

– For smaller businesses with a turnover of less than £45m

– Looking for up to £5m in finance

– Business loans, overdrafts, invoice finance & asset finance available

– First 12 months of interest and lender-levied fees covered

– More than 90 accredited lenders

Click here to find out more about CBILS and to apply.

The deadline for approving the larger Coronavirus Large Business Interruption Loan Scheme (CLBILS) has been set for 31 December.

CLBILS details:

– For larger businesses with a group turnover of more than £45m

– Looking for up to £200m in finance

– Business loans, overdrafts, invoice finance & asset finance available

– Repayment terms of up to three years

– Delivered by lenders accredited by the British Business Bank

Click here to find out more about CLBILS and to apply.

No extra time has been given for approvals for the Bounce Back Loan scheme, which is due to end on 4 November.