The Covid-19 Corporate Financing Facility (CCFF) is a programme under which the Bank of England will buy short-term debt from large companies.
The purpose of CCFF is to support companies which are in a strong position but are suffering short term problems as a result of the Coronavirus outbreak.
It will intended to provide support to corporate finance markets and to ease the supply of credit to businesses.
Funding for CCFF will come from central bank reserves and will operate for a minimum of 12 months.
Who is eligible?
To programme is open to companies that make a material contribution to the UK economy.
In practice this means UK incorporated companies (including those with foreign-incorporated parent companies) providing significant employment in the country.
Other potential factors include whether the company generates significant revenues in the UK, serves a large number of customers in the country and the number of operating sites it has.
CCFF is open to companies that can show that they were in a sound financial position prior to outbreak of the virus.
How can I access it?
Eligible businesses will be able to access CCFF by contacting their bank.
Not all banks issue commercial paper, if this is the case then UK Finance will provide a list of banks that do.
When can I access it?
The programme is already open to applications.
