Coronavirus Business Interruption Loan Scheme – Advice From Teignbridge District Council

Some updates and handy tips for businesses considering getting a loan under the Coronavirus Business Interruption Loan Scheme (CBILS)

👉 The scheme will now cover all SMEs, not just those who cannot access commercial funding

👉 Lenders can no longer ask borrowers to put a personal guarantee (such as savings, their house or other assets) for the CBILS, lenders can only apply this to loans above £250,000 or to their own non-CBILS loans

👉 The minimum amount you can borrow will differ between lenders, the lowest of the four major banks is RBS starting at £5,000
👉 Interest rates will vary by lender so make sure you shop around, the Government will pay the first 12 months of interest payments and any lender-levied charges
👉 The finance terms are up to six years for term loans and asset finance facilities and up to three years for overdrafts and invoice finance facilities
👉 Consider applying via the lender’s website in the first instance as telephone lines are likely to be busy and branches may have limited capacity to handle enquiries

Additional guidance can be found at

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