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Coronavirus Business Interruption Loan Scheme

The temporary Coronavirus Business Interruption Scheme supports Small & Medium Sized Enterprises (SMEs).

The scheme will provide government backed loans of up to £5m to SMEs.

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees.

The government will provide lenders with a guarantee of 80% on each loan, to give lenders further confidence in continuing to provide finance to SMEs.

The borrower always remains 100% liable for the debt.

The scheme will be delivered through commercial lenders, backed by the government-owned British Business Bank.

There are 40 accredited lenders able to offer the scheme, including all major banks.

To be eligible for support, the business must:

    • Be UK based with a turnover of no more than £45m per annum
    • Operate within an eligible industrial sector
    • Confirm that they have not received de minimis state aid beyond 200,000 euros (or equivalent) over the current and previous two fiscal years and
    • Be unable to meet a lender’s normal lending requirements for a fully commercial loan or other facility, but would be considered viable in the longer term.

Finance terms will be available from three months up to ten years for term loans and asset finance, and up to three years for revolving facilities and invoice finance.

The scheme goes live week commencing 23rd March 2020.

 

SRG LLP is a UK limited liability partnership registered in England and Wales under number OC320275 | Registered office: 28 Ely Place, London, EC1N 6AA

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Due to the Covid-19 pandemic, all of our staff and partners will be working remotely and will not be situated in either office.  Although our services to our clients should not be significantly affected, we would request that you email your contact with the firm, rather than telephone the offices. For all general enquiries, please email the London office on email@srgcas.com and the Glasgow office on email@srgcas.co.uk