Boost for SME's as Bank of England says Coronavirus Lending Scheme to come online earlier than expected

The Bank of England’s Term Funding Scheme with additional incentives for SMEs will open to drawings on 15 April 2020

At its special meeting ending 10 March 2020, the Monetary Policy Committee (MPC) voted unanimously to reduce Bank Rate and for the Bank of England to introduce a new Term Funding Scheme with additional incentives for Small and Medium-sized Enterprises (TFSME).

The Bank of England is today announcing that the TFSME will open for drawings on 15 April 2020, sooner than previously anticipated. The TFSME complements other schemes announced by the Bank and HM Treasury that are designed to support households and businesses during the period of economic disruption, caused by the outbreak of Covid-19.