The government is to expand its support for UK businesses with the expansion of its lending scheme to larger firms.
Companies with a turnover of more than £45m will be able to apply for loans of up to £25m and firms with a turnover of more than £250m will be able to apply for finance of up to £50m as part of the Coronavirus Large Business Interruption Loans Scheme, which is being launched next week.
The government is to guarantee 80% of each loan, which will be available through a series of accredited lenders to be listed on the British Business Bank website.
Chancellor of the Exchequer 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 will continue to work with the financial services sector to ensure that our £330bn of government support, through loans and guarantees, reaches as many businesses in need as possible.”
Business secretary Alok Sharma added: “Expanding this scheme will provide larger firms with the support they need during the pandemic, helping to provide job security to thousands of people and protect our economy.”
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