Commenting on the Chancellor’s announcement of the Bounce Back loans scheme for micro businesses, BCC Director General Adam Marshall said:
“The Chancellor has demonstrated he is listening to the concerns of our business communities and taking steps to get cash to the front line where it is needed.”
“This new route for our smallest companies to apply quickly and get a fast decision will be crucial to those who have struggled to get a CBILS loan.”
BCC responds to UK Finance’s update on Coronavirus Business Interruption Loan Scheme applications
Increase in companies accessing CBILS
Commenting on the latest UK Finance update on the number of firms successfully accessing CBILS, the BCC’s Head of Economics Suren Thiru said:
“The increase in companies accessing CBILS is encouraging progress. However, the number of applications processed and approved will need to be increased significantly in what is a crunch week for firms urgently trying to access financial support.
“Our Coronavirus Business Impact Tracker tells us that a concerningly high number of businesses are still finding accessing the scheme too complex and too lengthy. The government and financial institutions must continue to work together to identify practical steps to improve the workings of the CBILS scheme to ensure that cash gets to the frontline as quickly as possible.”