The government has announced unprecedented support for businesses to deal with the economic impacts of coronavirus. This explains what support is available to businesses of all sizes, from access to finance, to deferred payments and support for employees.
COVID-10 Corporate Financing Facility (CFFC) – larger businesses
The Covid-19 Corporate Financing Facility (CCFF) is backed by the Bank of England (BoE) and will provide funding to larger businesses and corporates in order to support their liquidity and working capital through the disruption caused by COVID-19.
The scheme will be funded by central bank reserves and will operate for at least 12 months. The minimum issue size under the CCFF is £1 million nominal; there is no maximum limit.
Who is it for?
All non-financial companies that:
- are in sound financial health prior to the shock of coronavirus: this means companies that had a short or long-term rating of investment grade, as at 1 March 2020, or equivalent
- make a material contribution to the UK economy (e.g. companies with significant employment, revenues and headquarters in the UK).
If firms do not have an existing credit rating from the major credit ratings agencies, they are encouraged to speak to their bank in the first instance to discuss potential eligibility.
How to apply
In order to access the CCFF, you will need to contact your bank. The CCFF is available now.