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With only eight banking groups having been authorised to handle applications for the government’s new 100% bounce-back loan scheme, there are now fears that many small businesses could fail to receive loans.
At present, most banks are restricting loans to their own business customers, raising fears that many small businesses could be locked out of the scheme. These restrictions have sparked concern that struggling businesses who do not bank with the largest lends will have to wait weeks to access government cash at a time when they need it most.
In a statement, Suren Thiru, head of economics at the British Chambers of Commerce said:
“The low number of accredited lenders is troubling as it could see firms who use other lenders effectively locked out of the scheme,” said Suren Thiru. “This concern is likely to be exacerbated by the current squeeze on capacity of approved lenders to meet demand from their existing customers.
“The UK government and the British Business Bank must pull out all the stops to ensure the scheme has sufficient capacity to meet demand. This should include an expedited process for accrediting new lenders, including specialist non-bank lenders such as fintech firms.”
Author: Sacha Bright & Oliver Murphy
Disclaimer
To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.
Tagged: News Bounce Back Loan Suren Thiru Covid-19
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