Our support for large employers affected by the Covid-19 crisis

We are helping the UK economy during the Covid-19 (coronavirus) crisis through our Covid Corporate Financing Facility.

Together with HM Treasury, we have put in place a package of measures that will help keep companies in business and people in jobs. This action will help prevent Covid-19 from causing long-lasting economic harm.

One of those measures is the Covid Corporate Financing Facility (CCFF). It offers funding to large employers who would normally raise funds through the financial markets.

Our support is helping these companies to keep paying wages and their suppliers, even if they have serious cash flow problems.

Who are we offering support to?

By 23 July 2020, we had offered support to 199 eligible companies through the Covid Corporate Financing Facility.

These companies are responsible for almost 2.5 million jobs in the UK. That’s about 1 in every 13 jobs.

To be eligible, companies must be large employers in the UK or play an important role in our economy. They also need to have been in sound financial health before the Covid-19 shock. Financial companies and public authorities are not able to apply.

We are offering support to all other sectors of the UK economy. Companies in the industrial and transport sector are the largest users of the CCFF, followed by the consumer cyclical sector (e.g. automotive and retail).

How much are we lending?

We stand ready to offer £80 billion of loans to eligible businesses. That is worth about 15% of the UK’s .

By 23 July 2020, we had around £20 billion pounds of loans outstanding (worth almost 4% of GDP) to a total of 68 companies.

What support are we providing to companies that cannot access the CCFF?

We are focusing our support on large employers, so banks and building societies can focus their support on small and medium-sized companies (SMEs).

We are encouraging banks to support SMEs through our Term Funding Scheme for Small and Medium-Sized Enterprise (TFSME) Scheme.

The government has also introduced three loan schemes to support businesses. Companies can access these schemes through the British Business Bank.

This page was last updated 23 July 2020

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