BCC responds to the British Business Bank approving new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme
Commenting on the British Business Bank’s (BBB) announcement that it has approved new lenders – the Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank, Arkle Finance, Close Brothers, Secure Trust Bank and Coutts – for accreditation under the Coronavirus Business Interruption Loan Scheme, BCC Co-Executive Director Hannah Essex said:
“Despite swift and unprecedented support from the government, many firms continue to face a cliff-edge scenario.
“Cashflow remains a particularly urgent concern for many businesses. The BCC’s Coronavirus Impact Tracker data suggests just over a third of firms have only three months cash in reserve or less.
“Business communities will welcome news that there are additional lenders able to provide much-needed loans at this challenging time. Extra capacity must now translate into cash getting to the frontline more quickly to prevent jobs and livelihoods from being lost.”