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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.”

 

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