Contact Us: 0800 121 6376

Chancellor Rishi Sunak is taking further action to support firms affected by the coronavirus crisis by bolstering business interruption loans for small businesses.

More than £90 million of loans to nearly 1,000 small and medium sized firms have been approved under the government’s Coronavirus Business Interruption Loan Scheme (CBILS) since its launch last week.

To maximise the support available, the Chancellor is extending the CBILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.

The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The government will continue to cover the first 12 months of interest and fees.

Mr Sunak said: “We are making great progress on getting much-needed support out to businesses to help manage their cashflows during this difficult time – with millions of pounds of loans and finance being provided to hundreds of firms across the country.

“This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”

Related Articles

Related Articles

Important edition change message from the I Newspaper

A reminder that on Christmas Eve the iweekend will be on sale instead of the normal Friday edition of the i. The paper will be the same as a Saturday iweekend, with the usual iweekend cover price and retail terms.
Read More

Monster sales supercharged retailer support initiative enters next phase

New retailer success stories to demonstrate advice in action Exciting Monster 20th Birthday giveaway live on SalesSupercharged.co.uk Coca-Cola Europacific Partners (CCEP) and the Monster Energy Co. have launched the next phase of its Sales Supercharged convenience retailer support initiative, just...
Read More

Supercharge Your Energy Drink Sales With Monster

When it comes to energy drinks, Coca-Cola European Partners (CCEP) and the Monster Energy Co. mean business this year, expanding its Monster range with three new variants, alongside the launch of an exciting new retailer support platform, to build on...
Read More