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Responding to the Chancellor's announcement of changes to the Coronavirus Business Interruption Loans Scheme (CBILS), UK Finance has issued a joint statement on behalf of the seven largest SME lenders:
Government, banks and regulators all agree that we have a shared responsibility to take all measures possible to get relief to businesses and we are working towards this goal. The reforms to CBILS announced by the British Business Bank and HM Treasury with the support of the regulators provide welcome changes that should enable banks to provide finance to businesses more quickly alongside other forms of support including capital repayment holidays. ?Lenders are working hard to ensure we provide support swiftly and responsibly and we will continue to work closely with customers to help them identify the finance that is right for their business and financial circumstances. Following the changes to the scheme announced today lenders will only ask businesses for information and data they might reasonably be able to provide at speed and we will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending, relying instead on our own information to assess credit and business viability. "Frontline staff have been working tirelessly to get money to those viable businesses that need help and we stand ready to support many more customers in the weeks ahead.
Government, banks and regulators all agree that we have a shared responsibility to take all measures possible to get relief to businesses and we are working towards this goal. The reforms to CBILS announced by the British Business Bank and HM Treasury with the support of the regulators provide welcome changes that should enable banks to provide finance to businesses more quickly alongside other forms of support including capital repayment holidays.
?Lenders are working hard to ensure we provide support swiftly and responsibly and we will continue to work closely with customers to help them identify the finance that is right for their business and financial circumstances. Following the changes to the scheme announced today lenders will only ask businesses for information and data they might reasonably be able to provide at speed and we will not require the provision of forward-looking financial information or business plans from businesses applying for CBILS-backed lending, relying instead on our own information to assess credit and business viability.
"Frontline staff have been working tirelessly to get money to those viable businesses that need help and we stand ready to support many more customers in the weeks ahead.
<ol><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> <li>Full data on lending under CBILS is available on the UK Finance website <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c…; </ol>
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