May 4, 2020

Coronavirus: Barclays gets 200 loan applications in one minute

Barclays' UK boss Matt Hammerstein said the bank got 200 applications for so-called bounce back loans in the first minute after they launched at 9am. The scheme offers smaller amounts than the existing Coronavirus Business Interruption Loan Scheme. Six months ago she was thinking of taking out a big bank loan to fund expansion, financing that would have come with a hefty interest rate. What if I've already applied for a loan under CBILS? Despite the government guarantee, banks are required to first chase firms for money if they do not repay the loan.

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