Corona Support Loans – Barclays withdraw Personal Guarantee requirement

Dear Members,

Barclays bank have withdrawn their Personal Guarantee requirement for loans up to £250k. Which is a big step in the right direction.

 

Please see details below

Media Alert: 26th March 2020

Barclays: Supporting our customers and clients
impacted by Coronavirus (COVID-19) in the UK

 

Revised measures for Barclays SME customers applying for the Coronavirus Business Interruption Loan scheme (CBILs)

Personal guarantees:

  • To get funds out to businesses as quickly as possible, we have today removed the need for a Personal Guarantee if the loan amount is less than £250k
  • For any loans above £250k, we are required to take security that the borrower has available to secure the debt in line with our standard lending practice, as per the CBILs requirement and a guarantee may be required from directors/shareholders
  • No security over a Principle Private Residence is allowed to be taken.

Existing measures in place:

  • Free helpline open Monday to Friday, 8am to 8pm offering guidance, support and information. Available for the bank’s one million business banking customers
  • 12-month capital repayment holidays on existing loans over £25k
  • Increased or new overdraft facilities and other working capital solutions
  • Access to funding – 360,000 SMEs have pre-assessed lending limits which can be accessed via the Barclays app or online banking
  • In addition, the bank has an existing £14 billion lending fund which we launched in 2019 as part of a three-year commitment to help SMEs build resilience during uncertain times. More detail here: https://home.barclays/news/2019/04/sme-lending-fund/

 

Ian Rand, CEO of Barclays Business Banking, said:

“Barclays is a strong supporter of this CBIL scheme, designed to help the businesses hit hardest by Coronavirus.

“If your business was a viable business before the crisis, and you meet the criteria, then this scheme can provide vital financial support to see you through these current challenges.

“We know that speed is important right now, and I promise that we’re working as fast as we can to deliver the right support to businesses that need it.”

 

For more information, visit: https://www.barclays.co.uk/business-banking/borrow/coronavirus-business-interruption-loan/

 

 

 

 

 

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