Chancellor unveils new measures to SME loan scheme

Chancellor of the exchequer Rishi Sunak has unveiled a major overhaul to his previously announced SME loan scheme.

Initially, the Coronavirus Business Interruption Loan Scheme (CBILS) was aimed at businesses unable to secure regular commercial financing as the virus took its toll on the UK’s economy.

However, according to Sky News the scheme has been extended to small and medium sized businesses which have experienced financial difficulty during the Covid-19 pandemic.

Additionally, lenders will no longer be able to request personal guarantees for loans under £250,000.