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Changes to the Coronavirus Business Interruption Loan Scheme

Changes to the Coronavirus Business Interruption Loan Scheme

As of Friday 3rd April 2020 almost 1000 companies have had a loan approved by the CBIL scheme.

Now, following feedback from the business community that the process was too slow and difficult to navigate, the Chancellor has announced some changes to the CBILS, which came into force on 6th April 2020.

The scheme’s expanded features will now make it easier for SME’s to access the funds and below are the key takeaways from the changes and how they may affect you.

Key changes:

  • There will be no personal Guarantees for loans under £250k
  • For loans over £250k a personal guarantee will only be required for 20% of the outstanding balance of the loan and will be sought at the lenders discretion.
  • Homes cannot be used as security

 

The changes will be applied retrospectively by all accredited lenders.

If you would like more information on the new measures, you can find it HERE:

For further information on eligibility please call us on 01242 395 507 or book a call-back

Nicki was very helpful and kept us up to date with everything - even when she had time off she made sure we were updated. Whenever there was a query she got to it quickly and helped us understand the issue so we could answer and solve it straight away. It became a very simple process so we could focus on our business.
Very helpful and kept up to date with everything
Stuart was quick to understand our requirements and was able to recommend a cost-effective solution. The process was professional and efficient from start to finish. Each stage was explained thoroughly and our documents checked by the team, so we could get things right first time - we would not hesitate to go back to Acorn Business Finance for any future requirements.
A really positive experience
5 stars from start to finish. Stuart and his team were fantastic!
5 stars from start to finish
Stuart at Acorn was superb. Understood our fully requirements, engaged with us pro-actively throughout. Could not have been more helpful. Organised all the funding requirements we needed at excellent rates. Could not recommend enough.
Engaged with us pro-actively throughout
All the team have been extremely helpful and kept me in the loop with progress reports as we have gone along. I would definitely recommend Stuart and Cathy for their helpful attitude, nothing has been too much trouble during a time that has been stressful for our business.
Taken the stress away
Amazingly quick to get the deal done from start to finish, and to get the money into the bank. A breath of fresh air and the wonder why everyone else can't work like this. Thoroughly recommended.
Amazingly quick
I have dealt with Stuart and his team at Acorn Finance for a number of years now and they are very efficient, always keep you updated, and you receive a personal service. They understand our business needs. The CBILS Loan from initial enquiry to funds in the bank less than a week. I would highly recommend them.
Speedy Personable Service - Highly Recommend
Truly fantastic and dependable service. In such turbulent times and with the criteria for meeting CBILS loans incredibly high, having a dependable broker that is willing to spend the time to truly understand your business needs as well as having a deep-rooted understanding of ever-changing requirements from such a vast array of providers is invaluable. Highly recommended.
Truly fantastic and dependable service
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Get in touch

To discuss financing for your business, contact us either by phone 01242 395 507, email hello@acornbusinessfinance.co.uk or book a callback.

Please note, calls may be recorded for training and quality purposes.

  • +44 (0) 1242 395507
  • hello@acornbusinessfinance.co.uk
  • Suite 1.27, Clockwise Offices, Festival House, Jessop Avenue, Cheltenham, GL50 3SH
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Acorn Business Finance strives to provide clients with the highest level of service. If you feel that our service fails to meet your requirements and you would like report a complaint, get in touch via hello@acornbusinessfinance.co.uk

Acorn Business Finance is the trading name of SJT Corporate Finance Limited. SJT Corporate Finance is registered in England and Wales, number 10919713. Registered office, Festival House, Jessop Avenue, Cheltenham GL50 3SH. SJT Corporate Finance Limited is authorised and regulated by the Financial Conduct Authority, reference number 822913. ICO registration ZA301050 and you can check via www.ico.org.uk.

We are a credit broker, not a lender. We work with a panel of funders to find a potentially suitable arrangement for your consideration.

We will receive commission from these funders, different funders pay different amounts depending on their commission model. For transparency we normally work with the following commission models – a percentage of the amount you borrow. Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey.

Eddie

Eddie

Eddie brings a wealth of experience and knowledge from the finance sector.
Since building up and successfully selling on his own vehicle leasing brokerage, he joined Acorn Business Finance 5 years ago as a consultant covering the North of the country. Based in South Cheshire, he is ideally located to assist SME clients
around the whole area. 

He enjoys building long term relationships with clients and helping them achieve their targets by providing creative funding solutions and watching their businesses grow. Outside of work Eddie enjoys escaping to North Wales to get wet and cold up various mountains, sampling some good food and beer once he gets down again, and spending time with his family – mainly chasing his 2 young sons around.