A new temporary Coronavirus Loan Scheme will launch to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SME's. The government won't charge businesses or banks for the guarantee. The scheme will support loans of up to £5 million in value. Businesses will be able to access the first 12 months of the finance interest free as the government will cover those interest payments.

You can apply for the loan if your business is based in the UK and has an annual turnover up to £45 million.


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