Covid-19: Banks under fire over emergency loan scheme

Banks have come under fire over government-backed emergency loans which require business owners to sign for a personal guarantee, as the UK battles with the Covid-19 pandemic.

The British Business Bank (BBB) opened applications for the Coronavirus Business Interruption Loan Scheme (CBILS) on Monday (23 March), and claimed the loan can provide facilities of up to £5m for smaller businesses across the UK which are “experiencing lost or deferred revenues”, leading to disruptions to their cashflow.

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