According to smallbusiness.co.uk – Banks not cooperating with coronavirus loan, complain small businesses
Banks have been asking small businesses either for personal guarantees to qualify for the government Coronavirus Business Interruption Loan or directing them towards standard loans with high interest rates.
Small businesses complain that high-street banks are not entering into the spirit of the government emergency coronavirus loan, pushing them towards expensive products instead.
Entrepreneurs who have contacted Small Business show that banks are either wrongly understanding the Coronavirus Business Interruption Loan Scheme (CBILS) by asking for personal guarantees or are deliberately up-selling it, directing small businesses to take out regular business loans instead.
for more information visit https://smallbusiness.co.uk/banks-not-cooperating-with-coronavirus-loan-complain-small-businesses-2550030/
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