Banks welcome new lending rules

Companies who have received bailouts elsewhere from the Government, either through grants from local authorities or tax holidays, will still be able to apply for the new loans. The bank bosses added: “The reforms to CBILS announced… provide welcome changes that should enable banks to provide finance to businesses more quickly alongside other forms of support including capital repayment holidays.” The new loans will also not require any personal guarantees against a business owner’s property or car. She added: “Sole traders, micro-firms and entrepreneurs will now have a simple route to fast finance to stay afloat, without red tape or time-consuming checks. Banks now need to continue their work in overdrive to get the loans flowing faster.” Gallery: The medical companies racing to find a COVID-19 vaccine (lovemoney) British Chambers of Commerce director-general Adam Marshall said: “The Chancellor has demonstrated he is listening to the concerns of our business communities and taking steps to get cash to the front line where it is needed.