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Banks, Economy, Government, Loans

Update to the emergency loans scheme

Last night the Government announced some upcoming changes to the CBILS loan scheme aimed at supporting small businesses during the coronavirus lock down.

The details of the changes, are still to be outlined, but the key points which were announced are:

  • Preventing banks from requiring personal guarantees for loans under £250,000
  • Removing the restriction that applications were previously limited to those who had been declined a commercial loan from their bank
  • Providing more support to larger firms, by increasing the revenue eligibility threshold to £500m

There will be further announcements over the coming days as the Government provides further details, and lenders work out their criteria and processes for implementing these changes.

For further information regarding the CBILS scheme, or other forms of finance which might be available to your business, speak to your local ASC office.

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