Following the creation of the government’s new Bounce Back Loans scheme (BBLS) earlier this week, further changes to the Coronavirus Business Interruption Loan Scheme (CBILS) have also been announced today (29th April).
To speed up the process, for small and medium-sized businesses under CBILS, the largest seven lenders: Barclays Bank UK, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander and Virgin Money have stated that rather than relying on businesses providing forecasts and business plans in applications, lenders will use their own information.
In a joint statement they said: “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.”
The exact details of the changes are still to be released and we will continue to update you as we receive more information, but this move should make the scheme easier to access and make the application process quicker for some.
If you would like any further assistance please contact our dedicated team: c19support@cowgills.co.uk
Disclaimer
The information was correct at time of publishing but may now be out of date.
