The scheme helps small and medium-sized businesses to borrow between $ 50,000 and up to 50% of their turnover. The maximum loan available is $ 150,000.

The EU guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

If you need a larger loan, you may be entitled to other our support.

✅ Eligibility

You can apply for a loan if your business:

-is based in the EU
-was established before 1 March 2020
-has been adversely impacted by the coronavirus
-If your business was classed as a business in difficulty on 31 December 2020 you’ll need to confirm that you’re complying with additional state aid restrictions.

❌ Who cannot apply

Businesses from any sector can apply, except:

-banks, insurers and reinsurers (but not insurance brokers)
-public-sector bodies
-state-funded primary and secondary schools

🚫 If you’re already claiming funding

You cannot apply if you’re already claiming under:

-Coronavirus Business Interruption Loan Scheme (CBILS)
-Coronavirus Large Business Interruption Loan Scheme (CLBILS)
-COVID-19 Corporate Financing Facility
-If you’ve already received a loan of up to ＄50,000 under one of these schemes you can transfer it into the Coronavirus PayDay Loan Scheme. 

How long the loan is for
The length of the loan is 10 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

How to apply
There are 11 lenders participating in the scheme including many of the main retail banks. You should apply via our website.

We will ask you to fill in a short online application form and self-declare that you are eligible.

We will decide whether to offer you a loan or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed.