- Your business is liable for the full loan amount, plus interest and any costs or fees. The Government provides a guarantee to the lender, not the business. So if the business is unable to repay in full, we will follow our collections and recoveries process to try to recover the full amount.
- If you miss four contractual payments (i.e. 90 days late from the date of your first missed repayment) then we will need to default the loan.
- Defaulting a loan is a last resort for us, as this will affect your business’ credit rating.
- However, we will stay in contact with you throughout this period to help you manage the arrears, and we will explore all other options with you before reaching this stage.
- Find out more about loans that have defaulted here.
What is my liability for a Coronavirus Business Interruption Loan Scheme (CBILS) loan?
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