COVID-19 Update – 29 April – Some UK banks ease CBILS requirements

Following the Chancellors announcement, offering 100% guarantees on ‘Bounce Back’ loans for the smallest business, the UK’s largest banks have stated they will ease lending requirements. This will make it easier for small businesses to access cash through coronavirus business loan schemes.

The banks who will be easing requirements include:

• Barclays
• Danske
• HSBC
• Lloyds
• NatWest
• Santander
• Virgin Money

On behalf of the lenders, banking body UK Finance stated: “Lenders will only ask businesses for information and data they might reasonably be able to provide at speed. We will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending, relying instead on our own information to assess credit and business viability.”

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