Budget 21: CBILS to be replaced with new recovery loan scheme
Budget 21: Chancellor Rishi Sunak (pictured) has confirmed that the Coronavirus Business Interruption Loans Scheme (CBILS) will be replaced with a new recovery loan scheme.
CBILS is available for small to medium enterprises (SMEs) affected by COVID, through more than 100 accredited lenders across the UK, guaranteeing facilities up to a maximum of £5m.
Under the new scheme, businesses of any size can apply from £25,000 to £10m through to the end of 2021, and the government will provide a guarantee to lenders of 80%.
Sunak said: “We have announced over £280bn of support, but the damage done by coronavirus has been acute.
“We will continue doing whatever it takes to support British people and businesses.”