SUNAK OVERHAULS CORONAVIRUS BUSINESS LOANS


April 3rd, 2020.



Rishi Sunak will announce an overhaul of the government’s coronavirus small business loans scheme today in response to mounting anger.

The government will remove the requirement for small businesses to show that they have no other means of funding before accessing the Coronavirus Business Interruption Loan Scheme (CBILS).

Firms trying to use the coronavirus small business loans scheme say banks have been demanding personal guarantees and quoting double-digit interest rates, driving applicants towards standard business loans.

Small business owners told MailOnline that they are being offered interest rates for between seven and 30 per cent on CBILS emergency loans – despite current UK base rate being 0.1 per cent.


For the full story at smallbusiness.co.uk CLICK HERE.
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