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      COVID-19 Information Hub

      Coronavirus Corporate Financing Facility – Support for larger firms

      In his announcement on Thursday 24 September , The Chancellor made further announcements on the Coronavirus Corporate Financing Facility to support larger firms. Updated 24/09/20

      LATEST NEWS 24/9/2020:

      The Covid-19 Corporate Financing Facility, targeted at large businesses and operated by the Bank of England, will remain open until 22 March 2021. Where a company has exhausted all other options, and is of strategic importance to the UK, the government may also consider providing bespoke financial support.

      Government guidance:

      Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.

      This will support your company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities.

      It will also support corporate finance markets overall and ease the supply of credit to all firms.


      All non-financial companies that meet the criteria set out on the Bank of England’s website are eligible.

      How to access the scheme

      The scheme is now available for applications.

      More information is available from the Bank of England.

      Kirk Rice commentary:

      The Bank of England is launching a Covid Corporate Financing Facility (CCFF), which “will provide funding to businesses by purchasing commercial paper of up to one-year maturity, issued by firms making a material contribution to the UK economy”.

      ‘Material contributions’, is most likely to include significant employee numbers, UK revenue and tax payments, and playing an essential part in a vital supply chain. In practical terms, this will only be applicable to large companies (>£41m turnover), whose debt can be listed and traded. This will most likely cut out all SMEs.

      Companies applying must be able to demonstrate that as of 1 March 2020, they were investment grade. Financial companies (institutions) are not eligible to apply. Commercial Paper issued by leveraged investment or private equity funded vehicles or from companies within groups that are predominantly banks, investment banks or building societies will not be eligible. If a finance subsidiary is issuing securities, it should be guaranteed by its parent company.

      Commercial paper is an unsecured, short-term debt instrument issued by a company.

      CCFF will purchase sterling-denominated commercial paper, with the following characteristics:

      1. Maturity of one week to twelve months
      2. Where available, a credit rating of A-3 / P-3 / F-3 from at least one of Standard & Poor’s, Moody’s and Fitch as at 1 March 2020.
      3. Issued directly into Euroclear and/or Clearstream

      Non-standard features such as extendibility or subordination will not be acceptable.

      More detailed guidance for companies looking to utilise this is available from the Bank of England click here.

      If you wish to discuss this further, please speak to contact info@kirkrice.co.uk to arrange a call.

      We’ll be updating this page for the answers as and when they become available, so please, do check back regularly for further information.


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