We’ve taken a brief look over the British Business Bank accredited lenders for the Coronavirus Business Interruption Loans to see if clear and practical information is available on their eligibility requirements and loan terms.
We ranked lenders on the basis of a 0 or 1 score to identify a total score based on a range of relevant loan terms and eligibility criteria to see which lender is offering clear information on their loan terms and offering the practical lending terms small businesses need.
Scores were awarded on the following criteria:
- Clear Information (on the below)
- No Personal Guarantees (Under £250k loan)
- No fees (arrangement or otherwise)
- Available for Self-employed / sole-trader
- Available for Partnerships
- Available for Limited entities
- Loans from £10k
- Variable Interest Rates
- 12-month No Repayments
- 12-months Interest-free
If the terms were provided (yes, available/offered) a score of 1 was awarded.
If the terms were not provided (no, not available offered) or no information was immediately available a score of 0 was awarded.
Total scores were added up to identify the best lender on the above criteria (0 = poor / 10 = excellent)
The lenders offering the clearest information on terms and the most flexible terms/facilities are:
- Ulster Bank
See the below chart for all 40-accredited lenders.
More information from the British Business Bank is available here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/
The above is an honest opinion held by the author based on a quick review of the information made available from the lenders’ websites via the above British Business Bank link.
Please seek independent financial advice.