There have been significant changes to the eligibility criteria for businesses applying for the Government backed Coronavirus Business Interruption Loan Scheme (CBILS).

  • Lenders will be banned from requesting personal guarantees on loans under £250,000.
  • For loans over £250,000 personal guarantees will be limited to 20% of any amount outstanding on the CBILS lending after any other amounts have been recovered from business assets.

With 50% of CBILS applications being declined by lenders, these changes mean that more businesses will be able to access this fund – now may be the time to re-apply or take a CBILS top up.

Call 01242 395 507 or email hello@acornbusinessfinance.co.uk to find out your eligibility today.