Andrew has welcomed changes to the Coronavirus Business Interruption Scheme which mean that even more businesses and individuals can now access the funding they need, changes to the scheme include,
- 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
More information and application details can be found here, http://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/
