The emergency loans scheme for businesses struggling amid the coronavirus pandemic has been revamped, with Business Secretary Alok Sharma saying changes to the initiative will make it easier for smaller firms to access loans.
The Treasury said it had received more than 130,000 loan enquires from firms but fewer than 1,000 had been approved. While government-backed loans for small businesses were only available to firms that had been turned down for a commercial loan from their bank, the rethink will mean applications will not be limited to businesses that have been refused a loan on commercial terms.
With concern that support for firms in the middle bracket came up short, the revamped scheme will offer government-backed loans of up to £25m to firms with revenues of between £45m and £500m.
Changes set out by Chancellor Rishi Sunak will also see banks banned from asking company owners to guarantee loans with their own savings or property when borrowing up to £250,000.
The ICAEW has more detail on the news.Click here
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