CBIL

ppen1963

I meet the criteria for a business interruption loan but Nat West have told me that because I only have a foundation business account I cannot apply. Nat West have declined my application to have my business account upgraded. Coronavirus business interruption loans for small businesses are now 100% guaranteed by the government so any advice would be gratefully received.

SeanG79

CBILS loans are not 100% guaranteed by the Government, they are covered up to 80%.
Yesterday the chancellor announced a Bounce Back Loan would be come available from Monday 4 May 2020. The Bounce Back Loan will be guaranteed up to £50k or 25% of turnover. You are not guaranteed either facility though (only around 16,000 applications have so far been approved for a CBILS loan).

NatWest are part of the RBS group, who had approved up to 60% of the CBILs loans after the first week. There are however over 40 accredited lenders and you can apply to someone other than NatWest - https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/