Funding Circle receives accreditation for government’s CBILS coronavirus loan scheme April 17, 2020 Peer-to-peer lender Funding Circle said today it had received accreditation from the British Business Bank (BBB) to take part in the government’s coronavirus business interruption loan scheme (CBILS). It is the first alternative lender to receive accreditation to lend to customers via the emergency scheme which is designed to help small and medium-sized businesses stay [...]
Coronavirus: SMEs will need more than a slow-moving loan scheme to recover April 17, 2020 Britain was once disparagingly described as a nation of shopkeepers and now, over two centuries later, small, and medium-sized enterprises are the backbone of the British economy. According to the Federation of Small Businesses, SMEs account for the vast majority of the UK business population; three fifths of employment and around half of the UK’s [...]
Rishi Sunak expands coronavirus loan scheme to include all UK businesses April 16, 2020 The government has expanded its £330bn coronavirus loan scheme to cover all financially viable UK businesses regardless of size. The Coronavirus Large Business Interruption Loans Scheme (CLBILS) will allow companies with a turnover of more than £45 million to apply for up to £25 million of finance. Firms with a turnover of more than £250 [...]
Bank lobby chief says changes to coronavirus loan scheme may be necessary April 15, 2020 The head of Britain’s banking lobby group has said the government’s coronavirus business loan scheme may need to change in order to increase lending to smaller businesses. UK Finance chief executive Stephen Jones told the Treasury Select Committee today that the government may need to guarantee 100 per cent of loans for small businesses, instead [...]
Business minister searching for ways to protect businesses which pay using dividends April 15, 2020 Business minister Paul Scully is trying to find ways of protecting business owners who pay themselves through dividends during the coronavirus crisis. Such businesses are currently not covered by the Treasury aid programmes. The Financial Times reported that Scully, whose portfolio covers the UK’s small businesses, is looking for solutions to cover such firms. Chancellor [...]
Coronavirus furlough scheme extended to allow for more wage subsidies April 15, 2020 The government’s coronavirus furlough scheme has been extended to ensure thousands of more employees are eligible for wage subsidies. The Treasury announced today that the eligibility date has been extended to 19 March from 28 February. The Job Retention Scheme sees the government pay out 80 per cent of wages, up to £2,500 a month, [...]
Scottish government does U-turn on coronavirus business grant scheme April 15, 2020 The Scottish government has changed its coronavirus business grant scheme to make it more generous for hospitality, retail and tourism chains after mounting criticism from the private sector. SNP finance minister Kate Forbes unveiled £220m of new grants today in a bid to close the gap between relief available for Scottish and English businesses. English [...]
Lending through UK coronavirus scheme hits £1.1bn after three weeks April 15, 2020 The UK’s coronavirus business loan scheme has picked up after firms complained it was not working, with £1.1bn lent out to 6,020 small and medium-sized companies as of yesterday. Banking body UK Finance today said total lending under the scheme has grown by £700m in the last week after criticism of the programme led the [...]
UK coronavirus lockdown: Labour leader Sir Keir Starmer pushes for exit strategy April 15, 2020 Labour leader Sir Keir Starmer has called for transparency over when UK coronavirus lockdown measures will ease, as the government faces pressure over its care homes strategy. Starmer’s party will back the government’s likely extension of the coronavirus lockdown tomorrow. But he has said “there needs to be transparency” over how long the measures will [...]
Businesses still struggling to access coronavirus loan scheme, says BCC April 15, 2020 Only two per cent of businesses have successfully managed to access the government’s coronavirus business interruption loan scheme (CBILS), according to a survey published today. Nine per cent of respondents to the survey by the British Chamber of Commerce (BCC) said they were unsuccessful with slow or no response from lenders the main reason cited. [...]