NACFB, Coronavirus update

“The NACFB team joined a stakeholder partners call with the British Business Bank (BBB) yesterday to discuss their efforts ahead of the official launch of their Coronavirus Business Interruption Loan Scheme (CBILS). Full details are embargoed until the beginning of next week, but the efforts willl form part of a wider group of measures announced by the Treasury and the Bank of England. CBILS will run along similar lines to the Enterprise Finance Guarantee (EFG) scheme, the key differences will be that the Government will also cover the first six months of interest payments, so businesses will benefit from lower initial repayments. The maximum value of a facility provided under the scheme will be £5 million (the original announcement suggested a maximum value of £1.2 million). The full list of accredited lenders and partners, including the NACFB, can be found here – we encourage all of the Association’s brokers to partner with the Patrons on this list.”

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Source: NACFB