Coronavirus Business Interruption Loan Scheme

This week the Government made some key changes to the Coronavirus Business Interruption Loan Scheme to make it easier for businesses to access finance. These include:

- Extending the scheme so all small businesses that have been impacted by COVID-19 can now benefit (rather than just those that couldn’t access commercial finance).

- No personal guarantees for loans below £250,000.

- Personal guarantees for loans above £250,000 limited to the 20% of the loan which isn’t guaranteed by Govt.

- Operational changes to speed up the processing of applications, particularly those for smaller loans

For more information on the scheme and to apply, see here - https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/