Chancellor Boosts Loan Scheme To Aid More Small Firms

Rishi Sunak will today widen the Treasury’s emergency loan scheme to ensure thousands more small businesses receive financial support.

- Macer Hall

The Chancellor will announce that all viable small firms affected by coronavirus will be eligible for the cash, not just those unable to secure regular commercial financing.

He will also ban banks and other lenders from requesting personal guarantees for loans below £250,000.

Mr Sunak’s measures follow fears that employers, hit by plummeting consumer demand due to the lockdown, have been struggling to obtain access to the backing announced by the Government last week.

Benefit

He said: “We are making great progress on getting support to businesses to help manage cashflows, with millions of pounds of loans and finance being provided to hundreds of firms.

“Now I am taking further action by extending our generous scheme so even more businesses can benefit.