More than \u00a390 million in finance has been approved since the launch of the Coronavirus Business Interruption Loan Scheme (CBILS), it has been revealed.<\/p>\n
The figures come after the Chancellor Rishi Sunak said he will extend the scheme to \u201call businesses\u201d, rather than just those unable to secure regular commercial financing.<\/p>\n
Under the Government-backed initiative, small and medium-sized enterprises (SMEs) who have been adversely affected by the coronavirus pandemic can apply for emergency finance. The state will provide lenders with a guarantee of 80 per cent on each loan up to a maximum value of \u00a35 million, as well as cover the first 12 months of interest and fees.<\/p>\n
According to the latest figures, around \u00a390 million in Government-backed loans have been secured by around 1,000 businesses. Until now, however, the scheme was only available to companies unable to secure regular corporate finance. From today, the Chancellor said all viable small businesses affected by Covid-19 will be \u201celigible should they need finance to keep operating during this difficult time\u201d.<\/p>\n
In related news, the Chancellor is also restricting lenders from \u201crequesting personal guarantees\u201d for loans under \u00a3250,000.<\/p>\n
Meanwhile, a Government-backed scheme to provide financing to larger companies, operated by the Bank of England (BoE), has provided almost \u00a31.9 billion of support to firms, while a further \u00a31.6 billion has been committed.<\/p>\n
Commenting on the figures, Mr Sunak said: \u201cWe are making great progress on getting much-needed support out to businesses to help manage their cashflows during this difficult time \u2013 with millions of pounds of loans and finance being provided to hundreds of firms across the country.<\/p>\n
\u201cAnd now I am taking further action by extending our generous loan scheme so even more businesses can benefit.\u201d<\/p>\n
For help accessing corporate finance and funding, please get in touch with our expert team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" More than \u00a390 million in finance has been approved since the launch of the Coronavirus Business Interruption Loan Scheme (CBILS), it has been revealed.<\/p>\n","protected":false},"author":2,"featured_media":3536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,31,79,80,28,25,4,26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3534"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3534"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3534\/revisions"}],"predecessor-version":[{"id":3535,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3534\/revisions\/3535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/3536"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}