Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We use cookies to personalise your experience; learn more in our Privacy and Cookie Policy. You can opt out of some cookies by adjusting your browser settings; see the cookie policy for details. By using this site, you agree to our use of cookies.

New government support for large businesses unveiled

A new emergency funding scheme that will aim to help larger businesses survive the coronavirus outbreak is set to launch on Monday.

The Coronavirus Large Business Interruption Loan Scheme will enable all viable businesses with a turnover of more than £45m to apply for government-backed support of up to £25m of finance.

Companies with a turnover of more than £250m will be able to apply for up to £50m in support.

The government will provide lenders with a guarantee of 80% on each loan.

Chancellor Rishi Sunak said: “I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy. That is why we are expanding this generous scheme for larger firms.

“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”

A list of accredited lenders who will offer this scheme will be published on the British Business Bank website.

Helen Dickinson, chief executive of the BRC, said: “We are pleased the government has listened and once again shown it will respond to the needs of the industry in this time of crisis. The expansion of CLBILS will support businesses and jobs by helping prevent retailers slipping through the gaps between the various loan schemes. It is essential that the scheme, along with other government interruption loans, are easy to apply for and fast to deliver much needed cash to businesses.”

 

Drapers’ coronavirus update

We’re working to keep delivering to your doorstep. If your magazine is delivered to your office and you’d like to change this, please email help@subscribe.drapersonline.com or call 01604 828 705.

As a subscriber you can also read the digital editions of the magazine, which can be found under the ‘My Account’ tab on the main navigation bar.

Finally, make sure you’ve signed up to our newsletters by visiting ‘My Account’ and ‘Newsletters’.

Readers' comments (1)

  • Now for the state to implement restrictions on sale periods and mass discounting to ensure the industry doesn't slip back into the mess it found itself in before the pandemic.

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.