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(Large businesses) - Covid-19 Corporate Financing Facility (CCFF)

Available:  CLOSED

Region: UK Wide


Larger firms (over £45 million turnover) will be able to access a short-term lending facility through the Bank of England.

To support companies affected by a short-term funding squeeze and allow the company to finance its short-term liabilities.

By purchasing short-term corporate debt – known as commercial paper

The scheme is open to firms that can demonstrate that they were in sound financial health prior to the impact of Coronavirus.


  • All non-financial UK businesses
  • Firms that can demonstrate they were in sound financial health prior to the shock

How to apply

You will need to liaise directly with your bank as the first step
It is important to note that not all banks issue commercial paper.
If your bank does not issue commercial paper, UK Finance have provided a list of banks that are able to assist.


What is commercial paper?

Commercial paper is an unsecured, short-term debt instrument issued by a company.  
  • The Facility will purchase sterling-denominated commercial paper, with the following characteristics:
  • Maturity of one week to twelve months
  • 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.
  • Issued directly into Euroclear and/or Clearstream
BOE do not accept commercial paper with non-standard features such as extendibility or subordination, for example.

Who can use the CCFF?

Companies - and their finance subsidiaries - that make a material contribution to the UK economy are able to participate in the facility.

Such as:
  • UK incorporated companies, including those with foreign-incorporated parents and with a genuine business in the UK
  • Companies with significant employment in the UK; firms with their headquarters in the UK    
  • Companies that generate significant revenues in the UK, serves a large number of customers in the UK or has a number of operating sites in the UK.   
The facility is open to firms that can demonstrate they were in sound financial health prior to the shock

This means companies that had a short or long-term rating of investment grade, as at 1 March 2020, or equivalent. 
What does sound financial health mean?

Demonstrating this can be done via a rating

For such firms, investment grade means a short-term rating of A3/P3/F3/R3 or above, or a long-term rating of BBB-/Baa3/BBB-/BBB low or above by at least one of the major credit ratings agencies:

Note - If firms have different ratings from different agencies, and one of those is below investment grade then the commercial paper will not be eligible. 
What do I do if my company does not have a credit rating?

See link below for information

What happens if I get downgraded after 1 March 2020, or my financial health deteriorates?

Provided you can demonstrate good financial health prior to 1 March 2020, your company will remain eligible to participate in this facility.
This is subject to HM Treasury approval.

Will you make public who is using the scheme and what you have purchased?

The names of issuers and securities purchased or eligible will not be made public.

How much will I be able to sell to the bank?

The minimum size of an individual security that the Fund will purchase from an individual participant is £1 million nominal.
Offers to be rounded to the closest £0.1 million.

How long will the CCFF be in operation?

The facility will be offered for at least 12 months

See link to BOE website for more detailed information and applications:

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