Covid-19: Business Interruption Loans Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Fowler
Main Page: Lord Fowler (Crossbench - Life peer)Department Debates - View all Lord Fowler's debates with the Department for Business, Energy and Industrial Strategy
Covid-19: Business Interruption Loans
Lord Fowler Excerpts(4 years ago)
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Lord Callanan
We have made some changes to the scheme so that no personal guarantees are permitted for loans of below £250,000. For loans above that level, lenders are permitted, at their discretion, to require personal guarantees for up to 20% of the remaining loan value. They are never permitted to use directors’ primary personal residences as security, and of course lenders may turn to personal guarantees only post the recovery of business assets. That is a balanced approach which protects CBILS borrowers but, like many other aspects of these schemes, this is something that we will keep under constant review.
The Lord Speaker (Lord Fowler)
My Lords, that concludes the Virtual Proceedings on Oral Questions. We managed to get everybody in on that last Question; I thank noble Lords for keeping their questions short. Virtual Proceedings will resume at 12.15 pm for the Private Notice Question.