Over 50 percent of applications for the Coronavirus Business Interruption Loan Scheme (CBILS) has now been approved by lenders, according to UK Finance figures. Lenders have received over 64,000 completed applications for SMEs with more applications set to be approved in the coming days.
Commenting on the latest UK Finance figures (7 May) on the number of firms successfully accessing CBILS, Suren Thiru, the BCC’s Head of Economics, said:
“Although the steady improvement in the number of firms accessing CBILS is welcome, with many firms only having a few months’ cash in reserve the pace of delivery remains disappointingly slow.
“The strong start made by the Bounce Back loan scheme is encouraging for the smallest businesses that are struggling to stay afloat. However, more needs to be done to ensure that all businesses get access to the finance they need.
So far lenders have provided over £5.5 billion to SMEs through various schemes so far.
Over £2 billion has also been provided to businesses under the Bounce Back Loan scheme, with more than 69,000 loans approved in the first 24 hours of the scheme opening. Suren Thiru added: “The current template for Bounce Back loans could be used the improve the provision of the CBIL scheme, including adopting an easier and more consistent application process.
“Government must also be ready to further expand the existing grant schemes to ensure that as many businesses as possible get access to the support they need.”
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