Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to ensure that banks taking part in the Coronavirus Business Interruption Loan Scheme do not require a personal guarantee from business directors to secure loans of less than £250,000.
Under the British Business Bank’s scheme rules, Personal Guarantees of any form cannot be requested to support a Coronavirus Business Interruption Loan Scheme (CBILS) facility below £250,000. This has been made clear in the guidance provided to all the CBILS accredited lenders.