MP Bob Seely has welcomed a government announcement of further support for local businesses that are struggling because of the coronavirus outbreak.
Measures announced today by Chancellor Rishi Sunak include:
- Extending the Coronavirus Business Interruption Loan Scheme so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, can benefit.
- Stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals.
- Ensuring that more firms are able to benefit from government-backed support by providing a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million. This will give banks the confidence to lend to more businesses which are impacted by coronavirus.
Bob said: “I welcome the measures the Government is putting in place and I am seeking feedback on them through the IW Chamber of Commerce and IW Federation of Small Businesses.
“It is incredibly important that our small business sector is supported as, collectively, they play such a huge role in our local economy.”
For more information visit: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/