24th March 2020

New coronavirus business interruption loan scheme(CBIL) launches to support SMEs
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Commenting on the launch of the new CBIL scheme, Stephen Jones, CEO of UK Finance said:

“The banking and finance sector is committed and has the capacity to support viable businesses with their cashflow and investment needs. The CBIL scheme is an important additional solution to the support banks and finance providers who are already providing help to support SMEs through the cashflow pressures they may increasingly experience during this unprecedented period.

“Lenders who are accredited to offer finance under the scheme are moving as quickly as possible to provide this support which will be available through customers’ usual contacts. Many lenders have online channels which customers can use to access the scheme. Businesses don’t need to worry about the support running out as this will be available on an on-going basis for those eligible businesses that need it.

“To help their customers, firms are constantly keeping their websites updated with the latest information, which can answer many customer queries. For more detailed questions there are a range of different ways to get in touch, including through online chat, social media and mobile and banking apps. As you will appreciate phone lines are very busy at this time and we would encourage only those customers who are facing an immediate issue with their finances to call their provider in the first instance.”

further information AT:
ukfinance.org.uk/coronavirus-business-interruption-loan-scheme