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Government-backed loan scheme for large businesses expanded

17 April 2020 by
Government-backed loan scheme for large businesses expanded

The government-backed business interruption loan scheme has been expanded to cover all companies with a turnover of more than £45m.

Set to launch on Monday, the scheme will now allow viable businesses with a turnover of more than £45m can apply for up to £25m of finance, while those with revenue in excess of £250m can borrow up to £50m from lenders.

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 £330b of government support, through loans and guarantees, reaches as many businesses in need as possible."

Photo credit: Shutterstock

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