RBS has revealed that it has paid out 70% of Coronavirus Business Interruption Scheme loans.
In Brief:
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It has so far approved 2,500 loans for small businesses impacted by Coronavirus.
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CBILS offers support to small businesses with a turnover of up to £45mn.
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RBS is offering loans worth less than £25,000 but is reportedly the only major UK bank to do so.
What does this mean?
According to recent data only 1.4% of businesses who have applied for finance through CBILS have been successful, and this could be due to the lack of banks offering the service. However it is expected more banks will join soon.
