Coronavirus Business Interruption Loan Scheme (CBILS) update

Further changes to the Coronavirus Business Interruption Loan Scheme (CBILS) have been announced in order to speed up the provision of finance to small and medium-sized businesses under CBILS.

A joint statement from the seven largest SME lenders (Barclays Bank UK, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander and Virgin Money) and UK Finance proclaimed: “Following the changes to the scheme announced today lenders will only ask businesses for information and data they might reasonably be able to provide at speed and we will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending, relying instead on our own information to assess credit and business viability.”

https://www.ukfinance.org.uk/press/press-releases/uk-finance-issues-joint-statement-behalf-seven-largest-sme-lenders

Disclaimer - All information in this post was correct at time of writing.