This British Business Bank-backed scheme is designed to support UK based small and medium-sized businesses that have a turnover of more than £45m and that can demonstrate they were viable before the COVID-19 pandemic. Click here if your business has a turnover of less than £45m.
Further information can also be found on the British Business Bank website.
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk
Loan size
You can apply for a loan with OakNorth Bank from £500,000 to £50m.
Term loans over £50m (up to a maximum of £200m) are available with other CLBILS lenders who have secured additional accreditation. Companies borrowing more than £50m through CLBILS will be subject to further restrictions on dividend payments, senior pay and share buybacks during the period of the loan. Full details can be found here.
Flexible terms available
Spread repayments of your loan from three months to three years
Limited time to apply
This scheme currently runs to 31 January 2021.
The eligibility criteria specified by the British Business Bank states that this scheme is open to businesses that:
The British Business Bank has created a range of tools for SMEs to help them understand the scheme, including an SME FAQs page which is regularly reviewed and updated, and has a wide range of in-depth information about the scheme.
FAQs that are specifically relevant to OakNorth Bank’s CLBILS participation can be found below.
Term loans over £50m (up to a maximum of £200m) are available with other CLBILS lenders who have secured additional accreditation. Companies borrowing more than £50m through CLBILS will be subject to further restrictions on dividend payments, senior pay and share buybacks during the period of the loan. Full details can be found here.
You may also be able to get a loan from another accredited lender on the scheme (full list here).