Coronavirus: CBILS Update

CHANGES TO CORONAVIRUS BUSINESS INTERUPTION LOAN SCHEME 

Key points on changes to CBILS announced by the Chancellor last night:

- all viable 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

Banks are currently facing 30% staff absence rate so business owners need to have some patience - they are working as quickly and diligently as possible. 

The British Business Bank is accrediting new providers every day. A list of those accredited can be found at the link below:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/