Coronavirus Large Business Interruption Loan Scheme


The Chancellor announced further details of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) on Thursday evening. 

The Scheme opens on Monday and has been expanded to include all viable businesses with a turnover in excess of £45 million and which therefore do not qualify for the CBILS.  The scheme as originally announced was only available to businesses with turnover between £45 million and £500 million.

Under the revised scheme all firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million. In each case the amount borrowed should not be greater than (i) double the borrower’s annual wage bill for the most recent year available, or (ii) 25% of the borrower’s total turnover for the most recent year available, or (iii) with appropriate justification and based on self-certification of the borrower, the amount may be increased to cover their liquidity needs for the next 12 months. 

Loans will be available for periods of between three months and three years. The scheme provides for a government guarantee of 80% of the loan which will be available from a number of accredited lenders. However, unlike the CBILS scheme for companies with a turnover under £45 million, there is no initial 12-month interest-free period under the larger company scheme.

As with the CBILS scheme for businesses with a turnover of less than £45 million No personal guarantees are permitted for facilities under £250,000. For facilities of £250,000 and over, claims on personal guarantees cannot exceed 20% of losses after all other recoveries have been applied.


In order to be eligible a business must meet the following criteria:

  • Be UK-based in its business activity
  • Have an annual turnover of more than £45 million
  • Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic, and for which the lender believes the provision of finance will enable the business to trade out of any short-term to medium-term difficulty
  • Self-certify that it has been adversely impacted by the coronavirus (COVID-19)
  • Not have received a facility under the Bank of England’s COVID Corporate Financing Facility (CCFF).

Lenders will need further information to confirm eligibility. All lending decisions remain fully delegated to accredited lenders.


Businesses from any sector can apply, except the following:

  • Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive), insurers and reinsurers (but not insurance brokers)
  • Building Societies
  • Public-sector bodies
  • Further-education establishments, if they are grant-funded
  • State-funded primary and secondary schools


The lenders’ requirements for a loan will vary from lender to lender but broadly we would expect the following to be required:


  • The amount you would like to borrow
  • What the money is for — the lender will check that it’s for a suitable business purpose and the right type of finance for your needs
  • The period over which you will make the repayments — the lender will assess whether the loan is affordable for you



You will need to provide certain evidence to show that you can afford to repay the loan. This is likely to include:

  • Management accounts
  • Cash flow forecast
  • Business plan
  • Historic accounts
  • Details of assets


The British Business Bank website sets out a number of FAQs about the CLBILS scheme here:


WR comment – while less generous than the CBILS scheme aimed at small or medium-sized entities the new expanded large company scheme may still provide a valuable source of finance to support larger businesses through the current Coronavirus-related challenges. Lenders are already under considerable pressure dealing with applications under the existing CBILS scheme and therefore it will be essential to provide the lender with high-quality information to support any application in order to make the lender’s decision as quick and easy as possible. 

WR’s dedicated Coronavirus support team are able to assist in preparing the necessary information to support any application – your usual WR contact will be able to connect you with the team should you require assistance.

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