FCA guidance for small business lenders on the Coronavirus Business Interruption Loan Scheme (CBILS)
Regulatory Updates | 20/03/20
The FCA has published guidance for lenders considering an application for a business loan to which the Coronavirus Business Interruption Loan Scheme (CBILS) applies. Under the CBILS, the government will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance to small and medium-sized enterprises (SMEs). The FCA notes in an accompanying press release that loans of up to £25,000 to sole traders and unincorporated enterprises can fall within the scope of its regulation.