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Lending facility for larger firms - coronavirus

Published: 26 March 2020, 11:35.
The Bank of England’s direct lending facility for larger businesses, the Covid Corporate Financing Facility (CCFF), is open for applications via banks.


Purpose of facility

To provide working capital to businesses suffering severe disruption to cash flows so that they can pay short term liabilities eg wages and suppliers.

Key features of facility

The Bank of England will, via the CCFF, buy short-term debt from larger companies.

The debt will be in the form of sterling-denominated commercial paper and

  • is short term – with a maturity of one week to twelve months
  • is of investment grade - where available, a credit rating of A-3 / P-3 / F-3 / R3 from at least one of Standard & Poor’s, Moody’s, Fitch and DBRS Morningstar as at 1 March 2020
  • is issued directly into Euroclear and/or Clearstream
  • does not have non-standard features and is issued using ICMA market standard documentation

Eligible companies

A company that can apply for funding will:

  • be a non- financial company
  • be UK incorporated, including companies with foreign-incorporated parents
  • have a genuine business in the UK
  • have significant employment in the UK
  • have their headquarters in the UK
  • be able to demonstrate that it was in sound financial health prior to the impact of the coronavirus

A company may also need to demonstrate that it:

  • generates significant revenues in the UK
  • serves a large number of customers in the UK or
  • has a number of operating sites in the UK

A company does not need to have issued commercial paper prior to using the CCFF.

A company that does not have a credit rating should first speak to their bank, and can also  consult the Bank of England’s Q&A.

Banks that are able to assist

Not all banks issue commercial paper.

Check here for a list of banks that are able to assist.

Additional information