Fri, 03 Apr 2020 | BUSINESS NEWS
Chancellor Rishi Sunak will today take new measures to support UK businesses affected by the coronavirus pandemic, extending the Coronavirus Business Interruption Loan Scheme (CBILS) for small businesses and announcing a new scheme to help larger firms.
Since launching last week, almost 1,000 small and medium sized UK businesses (SMEs) have received over £90 million in loans under CBILS. From today, all viable small businesses impacted by coronavirus, not just those who can’t secure regular commercial financing, will be eligible for CBILS, should they require financing to continue operating.
The government will also stop lenders from requesting personal guarantees for loans of less than £250,000 and will make operational changes in order to speed up lending approvals, while continuing its pledge to cover the first twelve months of interest and fees.
On top of the expanded CBILS, the Chancellor will unveil the new Coronavirus Large Business Interruption Loan Scheme (CLBILS), through which the government will provide a guarantee of 80 per cent to enable banks to make loans up to £25 million to companies whose annual turnover is between £45 million and £500 million.
CLBILS is intended to provide reassurance to banks to lend to businesses impacted by coronavirus that they couldn’t otherwise lend to. Under CLBILS, loans will be backed by a guarantee and offered at commercial interest rates. Further details of the scheme will be outlined later this month.
Chancellor Rishi Sunak said: “We are making great progress on getting much-needed support out to businesses to help manage their cashflows during this difficult time – with millions of pounds of loans and finance being provided to hundreds of firms across the country.”
“And now I am taking further action by extending our generous loan scheme so even more businesses can benefit. We have also listened to the concerns of some larger businesses affected by COVID-19 and are announcing new support so they can benefit too.”
“This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”
Click here to read Business Sale Report’s article on how business owners can use CBILS to fund acquisitions.
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