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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
Other Star Ratings categories
The British Business Bank has announced changes to the Coronavirus Business Interruption Loans Scheme. These changes could see previously rejected businesses now being eligible for the scheme.
Read more in our story How has the Coronavirus Business Interruption Loans Scheme changed?
Moneyfactscompare.co.uk has received new information about the criteria businesses need to meet to be accepted for the Coronavirus Business Interruption Loan Scheme (CIBLS).
Our previous article about CIBLS included the broad eligibility criteria set out by the British Business Bank, the Government owned bank that is managing the scheme. It is the lenders though that will decide on the specific criteria and circumstances they will accept to make these business interruption loans available to businesses. Our sources have now confirmed the criteria most lenders will be operating to for loans.
The key aim of the Coronavirus Business Interruption Scheme (CIBLS) is to help viable businesses survive a period of reduced trading due to the Coronavirus pandemic. Businesses looking to be accepted will need to demonstrate that they are viable in the short to medium term in conditions without the pandemic. This could be a grey area for some businesses, particularly those who are start-ups with less than one year’s trading. Furthermore, lenders are also asking for a turnover of at least £100,000 or an annual salary bill greater than £12,500 in 2019.
Businesses will be excluded if their maximum turnover exceeds £45m and if it has received state aid in the last three years. The fishery, aquaculture and agriculture sectors are excluded from the scheme.
Businesses can borrow up to a maximum of 25% of their turnover reported in 2019 or twice their annual wage bill. The minimum loan value is £25,001 and the maximum is £5m.
CIBLs includes loans, asset finance, invoice finance and overdrafts. The key features for loans under the scheme are:
Businesses that don’t qualify for CIBLS can still apply for a business loan or commercial mortgage under the standard terms of the lender. There are also the options of invoice finance to release cash flow quickly or asset finance for larger sums of money - again under standard terms.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The Coronavirus Business Interruption Loans Scheme (CBILS) is available from today. The scheme launches with 40 lenders and offers loans, asset finance, invoice finance and overdrafts.Check if your business is eligible for the Coronavirus Business Interruption Loan Scheme.
The Coronavirus Business Interruption Loans Scheme (CBILS) is available from today. The scheme launches with 40 lenders and offers loans, asset finance, invoice
The government has just announced as part of their daily media briefings a series of measures to support businesses and mortgage borrowers impacted by the Coronavirus.
The government has just announced as part of their daily media briefings a series of measures to support businesses and mortgage borrowers impacted by the Coron
The Coronavirus Business Interruption Loans Scheme (CBILS) is available from today. The scheme launches with 40 lenders and offers loans, asset finance, invoice finance and overdrafts.Check if your business is eligible for the Coronavirus Business Interruption Loan Scheme.
The Coronavirus Business Interruption Loans Scheme (CBILS) is available from today. The scheme launches with 40 lenders and offers loans, asset finance, invoice
The government has just announced as part of their daily media briefings a series of measures to support businesses and mortgage borrowers impacted by the Coronavirus.
The government has just announced as part of their daily media briefings a series of measures to support businesses and mortgage borrowers impacted by the Coron
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.