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Chancellor of the exchequer Rishi Sunak has unveiled a major overhaul to his previously announced SME loan scheme.
Initially, the Coronavirus Business Interruption Loan Scheme (CBILS) was aimed at businesses unable to secure regular commercial financing as the virus took its toll on the UK’s economy.
How would this help small businesses?
The scheme has been extended to small and medium sized businesses which have experienced financial difficulty during the Covid-19 pandemic.
Additionally, lenders will no longer be able to request personal guarantees for loans under £250,000. The government also said it has made operational changes in a bid to speed up loan approvals.
What about bigger companies?
Sunak has also announced the Covid Large Business Interruption Loan Scheme, with companies that have a turnover between £45m and £500m able to apply for loans of up £25m.