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We attach some further details available in relation to the Coronavirus Business Interruption Loan Scheme (CBILS).
It is important to note that these are still commercial loans. From our experience, so far, the banks are asking for security for 100% of the loan value. Where a business fails they will use this security first to recover their loan before having to rely on the government’s 80% guarantee. Therefore you need to consider the risk involved and be confident in the longer term viability of your business before applying.