Many small businesses that have applied for a government backed Coronavirus Business Interruption Loan Scheme (CBILS) loan thus far have been offered standard overdrafts and loans – without the Government’s 80% guarantee – on the basis that they fit the banks’ criteria for this type of lending.
The Chancellor has now confirmed that this is not the intention of his CBILS scheme and that from now on all businesses affected by the COVID-19 disruption should be offered a CBILS loan with the government guarantee.
For more information go to the British Business Bank website
