May 19, 2020 / 7:31 AM / 18 days ago

Britain increases large business loan scheme to 200 million pounds

General view of the Canary Wharf financial district, as the spread of the coronavirus disease (COVID-19) continues, London, Britain, April 6, 2020. REUTERS/Matthew Childs

LONDON (Reuters) - Britain has increased the size of the loan that large businesses can borrow to see them through the coronavirus pandemic from next week, raising it to 200 million pounds ($245 million) from 50 million pounds.

The Treasury said the move would help those companies that did not qualify for the Bank of England’s Covid Corporate Financing Facility to meet their cashflow needs.

“Today we’re increasing the maximum loan to 200 million pounds to make sure companies get the help they need,” John Glen, the economic secretary to the Treasury, said in a statement.

($1 = 0.8162 pounds)

Reporting by Kate Holton; editing by Michael Holden

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