• CLBILS to launch Mon 20 Apr.
• All viable (as judged in criteria) businesses with t/o of >£45m will be able to apply for CLBILS.
• Firms with t/o between £45m and £250m can borrow up to £25m. Firms with t/o of >£250m can borrow up to £50m.
• Facilities will be available from 3 mnths up to 3 yrs.
• Scheme provides lender with a Gov’t-backed, partial guarantee (80%) against the outstanding facility balance
• Scheme is open to businesses who have not received a facility under the Bank of England’s Covid Corporate Financing Facility (CCFF).
• Firms backed by private equity will now be able to be supported through both CBILS and CLBILS on a standalone basis.
• Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest. However, borrowers will benefit from a proportionate reduction in pricing in return for lenders receiving capital and risk benefits.
• CLBILS will be available through a range of British Business Bank accredited lenders and partners, which will be listed on the British Business Bank website. Existing CBILS lenders can seek expedited process for accreditation to become lenders under the CLBILS scheme.
Paul Griffiths - Chief Executive
MIlton Keynes Chamber of Commerce
17th April 2020