Fri, 03 Apr 2020 | BUSINESS NEWS
Chancellor Rishi Sunak will today take new measures to support UK businesses affected by the coronavirus pandemic, extending the Coronavirus Business Interruption Loan Scheme (CBILS) for small businesses and announcing a new scheme to help larger firms.
Since launching last week, almost 1,000 small and medium sized UK businesses (SMEs) have received over £90 million in loans under CBILS. From today, all viable small businesses impacted by coronavirus, not just those who can’t secure regular commercial financing, will be eligible for CBILS, should they require financing to continue operating.
The government will also stop lenders from requesting personal guarantees for loans of less than £250,000 and will make operational changes in order to speed up lending approvals, while continuing its pledge to cover the first twelve months of interest and fees.
On top of the expanded CBILS, the Chancellor will unveil the new Coronavirus Large Business Interruption Loan Scheme (CLBILS), through which the government will provide a guarantee of 80 per cent to enable banks to make loans up to £25 million to companies whose annual turnover is between £45 million and £500 million.
CLBILS is intended to provide reassurance to banks to lend to businesses impacted by coronavirus that they couldn’t otherwise lend to. Under CLBILS, loans will be backed by a guarantee and offered at commercial interest rates. Further details of the scheme will be outlined later this month.
Chancellor Rishi Sunak said: “We are making great progress on getting much-needed support out to businesses to help manage their cashflows during this difficult time – with millions of pounds of loans and finance being provided to hundreds of firms across the country.”
“And now I am taking further action by extending our generous loan scheme so even more businesses can benefit. We have also listened to the concerns of some larger businesses affected by COVID-19 and are announcing new support so they can benefit too.”
“This is a national effort and we’ll continue to work with the financial services sector to ensure that the £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”
Click here to read Business Sale Report’s article on how business owners can use CBILS to fund acquisitions.
Retails its products under its own branding on its e-commerce website and eBay and Amazon platforms, also offering a white-label service to larger corporate clients. Operates on an international basis, catering to DIY retailers and organisations in t...
LEASEHOLD
Established employment agency specialising in supplying permanent contract and temporary candidates for vacancies in highly specialist sectors. With a strong foothold in multiple niche disciplines the company has in-depth specialist knowledge working...
An established green energy company with potential revenues of £46m-£57m (total revenue from 2022-2047). The company is offered for sale with a pie-crust lease on two former landfill sites with a combined 206 acres of land suitable for tree planting...
LEASEHOLD
20
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
19
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
18
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
27
|
Apr
|
Sunak launches new micro-loan scheme to provide quick cash injections for small businesses | BUSINESS NEWS
Chancellor Rishi Sunak has today announced a new micro-loan ...
23
|
Oct
|
Subsea training centre enters administration | ADMINISTRATION
The Underwater Centre in Fort William, Scotland has fallen i...
20
|
Apr
|
Govt’s Green Investment Bank sold in £2.3bn deal | BUSINESS SALE
The government has sold its Green Investment Bank (GIB) to M...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources