Update from Barclays on their Coronavirus Business Interruption Loan Scheme (CBILS)
The key features of the Barclays business loans are
· Loans are available for £25,001 up to £5m.
· £25,001 – £100,000 – Secured by short form guarantee
· £100,001 – £250,000 – Secured by short form guarantee and debenture
· £250,001+ Personal guarantee, debenture and tangible security
· Loan Tenor – 1 – 6 years
· No arrangement fee
· No interest payments for 12 months
Loans in the scheme are limited to a maximum of 25% of 2019 turnover or double the annual wage bill, whichever is greater. This is a rule of the scheme rather than a Barclays requirement.
Note: Not all businesses will qualify for the scheme as the business needs to demonstrate that the business is viable. However, Barclays will likely take a view that if you were a strong business in 2019 then you will be a strong business again.
We will help businesses by putting in applications for you if you need.
There is no broker fee and we wont receive any commission for doing this work as we feel it is important to do everything we can to help during this crisis.
If you need further information please get in contact.