Fury at banks for charging over 12% interest rate
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Barclays has performed a dramatic U-turn over onerous terms of emergency coronavirus loans that meant struggling business owners could be personally liable for the Government-backed debts.
The banking giant said it had removed the need for a personal guarantee to access taxpayer-backed loans after pressure from business owners on the Government and the banking industry.
The fine print of the loans meant banks could seek to seize assets owned by company directors if their business went bust and they were unable to pay back the emergency loan.
While their personal home was protected, banks could go after other business or personal assets and it was thought second homes might be at risk.
Barclays was last night accused of charging struggling firms up to 12 per cent interest on Government-backed crisis loans (stock image)
Royal Bank of Scotland, which owns NatWest, 통신요금연체인터넷 has said it will not ask for personal guarantees for business interruption loans, heaping pressure on its rivals.
Barclays announced on Thursday afternoon it would remove personal guarantees for loans less than £250,000.
'If your business was a viable business before the crisis, and you meet the criteria, then this scheme can provide vital financial support to see you through these current challenges,' said Barclays Business Banking head Ian Rand.
Lloyds also said it will not take personal guarantees as security on emergency loans up to £250,000.
George Kafetzis, a restaurant boss from Birmingham, ran into problems when he contacted Lloyds and Barclays, being told by both he would have to put his own assets on the line if he wanted to get a loan to tie him over.
The banking giant said it had removed the need for a personal guarantee to access taxpayer-backed loans after pressure from business owners on the Government and the banking industry.
The fine print of the loans meant banks could seek to seize assets owned by company directors if their business went bust and they were unable to pay back the emergency loan.
While their personal home was protected, banks could go after other business or personal assets and it was thought second homes might be at risk.
Barclays was last night accused of charging struggling firms up to 12 per cent interest on Government-backed crisis loans (stock image)
Royal Bank of Scotland, which owns NatWest, 통신요금연체인터넷 has said it will not ask for personal guarantees for business interruption loans, heaping pressure on its rivals.
Barclays announced on Thursday afternoon it would remove personal guarantees for loans less than £250,000.
'If your business was a viable business before the crisis, and you meet the criteria, then this scheme can provide vital financial support to see you through these current challenges,' said Barclays Business Banking head Ian Rand.
Lloyds also said it will not take personal guarantees as security on emergency loans up to £250,000.
George Kafetzis, a restaurant boss from Birmingham, ran into problems when he contacted Lloyds and Barclays, being told by both he would have to put his own assets on the line if he wanted to get a loan to tie him over.
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