Coronavirus Business Interruption Loan
Coronavirus Business Interruption Loan
Speak to Omega about how you can access the Government guarantee scheme available to business customers with a short to mid-term funding need.
Key Points
- Loan Amount: £25,001 – £5,000,000
- Loan Terms: 1 to 6 years Repayment
- The initial 12 months are free from: Interest, Security fees and Lender Arrangement Fee
- After the first 12 months, interest at an agreed margin over the Bank of England Bank Rate will be payable
- Capital repayment holiday available (subject to application)
- No Early Repayment Charges on variable rate facilities.
Under this scheme, the Government provides the Lender a guarantee for 80% of the loan, please note that clients remain responsible for repaying 100% of the facility.
A Business Interruption Payment (BIP) will be paid by the Government to the Lender covering Interest, Security fees and Lender Arrangement Fee for the initial 12 month period.
Smaller businesses from all sectors can apply for the full amount of the facility. To be eligible for a facility under this scheme, an SME must be UK-based in its business activity, with annual turnover of no more than £45m and under normal circumstances be able to demonstrate affordability.
More traditional Business cashflow assistance remains available through:
- Unsecured Business Loans,
- Loans for Working Capital,
- Other Corporate facilities
- Secured Loan options.
