Lenders relax evidence requirements for business interruption loan scheme applications

The UK's seven largest small business lenders have relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS).

Call 01922 628437 or email info@siaandco.co.uk

The UK's seven largest small business lenders have relaxed their evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS).

The seven small business lenders will use their own information when processing and approving applications, rather than relying on businesses providing forecasts and business plans.

In a joint statement, the seven lenders and trade association UK Finance stated: 'Following changes to the scheme . . . lenders will only ask businesses for information and data they might reasonably be able to provide at speed, and 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.'

The Institute of Chartered Accountants in England and Wales (ICAEW) said that the changes 'should make the scheme easier to access and make the application process quicker'. However, it also said that firms should still carefully assess the implications of taking on debt finance. 

Commenting on the issue, Philippa Kelly, Head of the Financial Services Faculty at the ICAEW, said: 'We are pleased to see lenders taking the need to provide support quickly seriously, but the process must remain robust, for the benefit of businesses and the wider financial system.'

For more information about S I Ahmed & Co. Certified Public Accountants, Chartered Payroll Professionals, Tax and Business Advisors, please contact us.

AIA - The Assoication of international accountants AAT - The Association of Accounting Technicians CPAA - Certified Public Accounants Assoication CIPP - The chartered institute of payroll professionals intuit - Certified ProAdvisor Quickbooks - Certified ProAdvisor
About our team

Established since 1999, S I Ahmed & Co is a friendly, pro-active and growing firm of Accountants based in Walsall, providing a comprehensive range of accountancy, book-keeping, payroll, auditing and taxation services at competitive rates throughout the region.

Learn more

Latest news
Contact Details

Please call:
01922 628437

S I Ahmed & Co, 238 Wednesbury Road, Walsall, West Midlands WS2 9QN

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy Policy | Help |

© 2020 S I Ahmed & Co. All rights reserved. powered by totalSOLUTION
Registered Office: 238 Wednesbury Road, Walsall, West Midlands WS2 9QN

We use cookies on this website, you can find more information about cookies here.