The coronavirus large business interruption loans scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m.

Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest. Businesses will remain responsible for repaying any facility they may take out.

The Department for Business, Energy and Industrial Strategy (BEIS) says it expects the scheme to be delivered through commercial lenders. The government will provide lenders with an 80% guarantee on individual loans for businesses that would be otherwise unable to access the finance they need.