ON 24 September 2020, the Chancellor of the Exchequer announced he has extended the government’s Coronavirus Business Interruption Loan Schemes in a bid to continue supporting small businesses during the pandemic.
More businesses will now be able to benefit from the CBILS, the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the Bounce Back Loan Scheme (BBLS) and the Future Fund. Further information on the four schemes is available on the British Business Bank website.
The scheme itself provides the lender with a government-backed guarantee, potentially enabling what would have been a ‘no’ credit decision from a lender to become a ‘yes’, enabling more businesses to be able to access funding, suggests MV Commercial’s Airdrie HQ.
