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/