BCC responds to UK Finance’s Coronavirus Business Interruption Loan Scheme applications update
Commenting on UK Finance’s latest figures (30 April) on the number of firms successfully accessing CBILS, the BCC’s Head of Economics Suren Thiru said:
“While the number of firms accessing CBILS is on an encouraging upward curve, a concerningly high number of firms continue to struggle to access this crucial lifeline.
“The Bounce Back loan scheme is a welcome step toward getting cash to the smallest firms more quickly. The UK government and financial institutions should simplify and standardise the CBILS application processes to unlock access for more businesses of all sizes.
“Serious consideration must also be given to the expansion of grant schemes for firms unwilling to take on more debt repayments.”