COVID-19: Business Interruption Loan criteria relaxed

The UK’s largest small business lenders have relaxed the evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS).
 
The largest seven SME lenders (Barclays Bank UK, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander and Virgin Money) will now only ask businesses for information and data that can reasonably be provided and will not need businesses to provide financial forecasts or business plans.  Instead, they will rely on their own information to assess credit and business viability.
 
These changes should speed up the application process and make loans easier to access.
 
For further advice about any of the measures available to support businesses during the coronavirus crisis, please contact your local Moore adviser.