Businesses in need of emergency financial support will be able to apply for a series of loans and grants from today to help cover staff and rent costs during the coronavirus pandemic.
The schemes - first unveiled by the Chancellor last week - will give businesses up to £5million to help cover costs as Britain heads for total lockdown, with pubs, bars, coffee shops and dozens of retailers now closed until further notice.
For small and medium-sized businesses, the Coronavirus Business Interruption Loan Scheme opens to applicants on Monday.
It will offer loans and overdrafts to UK businesses by providing their lender with a Government-backed guarantee.
In short, this maximises their chances of being accepted for a loan to help keep their business afloat.
The maximum value of a facility provided under the scheme will be £5million, available on repayment terms of up to six years.
Interest and fees will also be paid by Government for 12 months - though the loan can last up to 10 years.
The scheme will be open to any viable business with a turnover of up to £45mllion - it will be available via 40 accredited lenders, which are listed on the UK Finance website.
The Bank of England’s new lending facility for larger firms – the Covid Corporate Financing Facility - also opens for applicants on Monday.
The scheme provides a quick way for companies who are experiencing severe disruption to cashflows, to raise money for wages and suppliers.
It is open to firms that can demonstrate that they were in sound financial health prior to the impact of Coronavirus - see what qualifies as 'in sound health', here.
To start an application, you will need to contact your bank who will be able to issue you with the documents to take the first step.
Chancellor of the Exchequer, Rishi Sunak, said: "We are working round the clock to do whatever it takes to protect our people and businesses. That means that we are not only taking unprecedented action but doing so at unprecedented speed, because we know that businesses and their employees need help now."
Bank of England Governor, Andrew Bailey, said: "The Bank of England has taken a number of steps in recent weeks to support the UK economy through the economic shock caused by covid-19.
"On Monday a new lending scheme, the Covid Corporate Financing Facility, will open to help businesses manage through this period of uncertainty. Combined with steps taken by the Government, this will help companies through this difficult time and support the needs of the people of this country."
These support schemes sit alongside the Chancellor's Coronavirus Jobs Retention Scheme which will provide a grant to employers to keep their workers on rather than make them redundant.
Salaries will be paid at 80% of their current level up to a maximum of £2,500 - and will be available by the end of April.
