- Finance
- April 22, 2020
FAQs - Coronavirus Business Interruption Loan
By Lawbite Team
What is a Coronavirus Business Interruption Loan Scheme?
Who is eligible?
- sole traders
- freelancers
- bodies corporate
- limited partnerships
- limited liability partnerships, and
- any other legal entity carrying out business activity in the UK (provided they meet the qualifying criteria below)
- show its commercial activity is based in the UK
- have an annual turnover no more than £45 million
- proposal the lender would consider viable, were it not for Covid-19
- self-certify that it has been adversely impacted by Covide-19
What types of finance are available?
- Term loans
- Overdrafts
- Asset finance
- Invoice finance
How do I access the Coronavirus Business Interruption Loan Scheme?
- Find an approved lender.
- Approach the lender. The best way is often through their website as phone lines are very busy and social distancing means it may be challenging to visit a bank
- Wait for a decision. The lender has the discretion to approve or decline your application.
Will I be asked to provide a personal guarantee?
What supporting documents will I need to provide?
- company accounts
- cash flow forecast
- your business plan
- historical accounts (normally three years’ worth)
- an inventory of assets
Start-Up Support
Future Fund
Innovate UK’s grants and loan scheme
Am I eligible?
- must be an unlisted UK registered company
- have previously raised at least £250,000 in equity investment from third party investors in the last five years.
- any funding put in by the government must be matched by private investment in order to qualify
Further information
In closing
Nothing in this article constitutes legal advice on which you should rely. The article is provided for general information purposes only. Professional legal advice should always be sought before taking any action relating to or relying on the content of this article. Our Platform Terms of Use apply to this article.
Related Articles
Read our latest blog posts on GDPR, featuring all the latest legal news, analysis and opinion from our expert lawyers.
.png)
- By Lawbite Team
- December 22, 2020
Redundancies in the age of COVID - Pitfalls and how to avoid them
In December 2020, the UK Furlough Scheme enacted in response to the Covid 19 Pandemic, was extended until the end of April 2021. A key aspect of th...
.png)
- By Lawbite Team
- December 08, 2020
How Can Commercial Landlords Deal with Rent Arrears in the Era of Covid?
Many SMEs are a tenant, but a good number also are a commercial property landlord. On both sides of the commercial property lease equation, times ...

- By Lawbite Team
- November 18, 2020
Is a personal guarantee weighing heavy?
Structuring your business as a limited company limits your personal liability and financial obligations, in relation to your business related debts...
LawBite can help you
LawBite is on a mission to provide business legal advice that is easier to access, clearer to understand and much cheaper. Our on-line legal advice platform can quickly connect you with expert business legal advice. Our friendly, highly qualified business lawyers, solicitors and mediators will give you the guidance and reassurance that comes from customised legal advice for small and medium sized business.
Whether you are bringing or defending a legal claim, outsourcing work, want a business contract review to ward off disagreements, talk to an expert trademark lawyer, resolve a contractual dispute with methods like mediation and arbitration, or getting your new company set up and on the right footing with a robust shareholder agreement and GDPR standards, we can help you succeed.