Key points to note for those in need of a loan to trade through the next 2-3 months:
1) Changes have been announced to take effect from Monday 6th April BUT need to be applied retrospectively to any loan offer made since 23rd March 2020. Whilst this is welcome it will mean that banks will now need to spend time and resources to amend previous offers and applications and could delay the cash being available even further.
2) For facilities under £250k, personal guarantees will no longer be permitted to be requested by the lender.
3) There is now no requirement to look at other commercial loans. This should streamline applications for banks.
FOR MORE INFORMATION, VISIT THE BRITISH BUSINESS BANK'S WEBSITE HERE
"When this is over - and it will be over - we want to look back on this moment and remember the small acts of kindness done by us and to us"