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.
- 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: