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.”