Coronavirus Business Interruption Loan Scheme: Interest Rates
(asked on 6th July 2023) - View Source
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, how much the Government will receive as a result of the Coronavirus Business Interruption Loan Scheme interest rate being higher than the Bank of England base rate.
This question was answered on 11th July 2023
The Coronavirus Business Interruption Loan Scheme (CBILS) is a delegated scheme; as such, interest rates will depend on the specific loan agreements between a borrower and their lender.
The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding balance. The Government does not benefit from interest repayments on loans through the CBILS scheme.