Spoke to our "relationship" manager yesterday and he made it clear in no uncertain terms that they were a responsible lender and that no loans would be made if they thought there was any risk they wouldn't get their money back and this would apply across the board so the level of funding is likely to be nowhere near the government's expectations.
Suspect this is the banks getting their own back after the criticism following the credit crunch but what are other people's experiences?
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Maybe refer them to the fact 80% of these loans are backed by government bonds and so they will get their money back
Perhaps with a personal guarantee but given the amounts involved, I cannot see this being a worthwhile investment for the banks. I don't exactly agree with them but on some level, it does seem irresponsible to loan more money to what would otherwise be a hopelessly insolvent business.
I'm not sure the intention is that it's any kind of investment, worthwhile or otherwise, it's intended to be a measure by which the banks can help support the country in a crisis.
Yes, that is correct, much the same as the government backed schemes after the recession. It is not a quick process either. I am trying to talk to a bank (Barclays) at the moment to start a loan application - I have been on hold for over an hour thus far....
https://www.accountingweb.co.uk/any-answers/cbils-any-feedback-on-applic....
They are worried about their 20%.