Small firms say interruption loan changes mark big step forward
With the challenges that have been facing small businesses these measures will provide some much needed help. Ruling out the need for personal guarantees where smaller loans are concerned is very welcome.
Responding to the Government’s announcement of measures aimed at improving small business access to the Coronavirus Business Interruption Loan Scheme (CBILS), Federation of Small Businesses (FSB) National Chairman Mike Cherry said:
“We welcome the Chancellor’s personal intervention to ensure that banks deliver the government-backed emergency loans which are urgently needed by many small businesses.”
“New figures showing that fewer than 1,000 emergency loans have so far been approved by banks, out of 130,000 enquiries, illustrate why today’s intervention from the Chancellor was needed. We would like to see weekly updates on these numbers.
“Taking on more debt is a daunting prospect for many smaller businesses in this climate – so we are keen to continue our constructive engagement with the government around how debt can be repaid in a sustainable way.”
