The Covid Corporate Financing Facility (CCFF)
On March 17, HM Treasury announced a number of measures designed to support businesses. The Chancellor set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by Covid-19. This page is designed for businesses who wish to use one of the major measures announced: the joint HM Treasury and Bank of England lending facility, named the Covid Corporate Financing Facility (CCFF). The facility is designed to support liquidity among larger firms, helping them to bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.
At a summary level, to be eligible for the scheme, applicants currently need to:
- Make a material UK contribution
- Be investment grade rated (or equivalent) as at 1 March 2020 (as supplemented by the ongoing credit quality review described below)
- Not be PRA- or FCA-regulated
- Not be a public undertaking
- Not be a leveraged investment vehicle
- (NB: there is additional guidance for some specific types of entities – please see below for more details).
- There is no requirement to have previously issued Commercial Paper (CP).
This page sets out in detail the practical steps that your firm needs to take in order to access the CCFF, as well as other frequently asked questions.
If you have any questions or concerns about processing time for your application or would like to talk through any stage of the application process please do not hesitate to contact us at CCFF-Applications@bankofengland.co.uk.