Covid-19: Business Interruption Loans DebateFull Debate: Read Full Debate
Baroness Morgan of CotesMain Page: Baroness Morgan of Cotes (Conservative - Life peer)
(9 months ago)Lords Chamber
The noble Lord makes a very good point. As I have said, we have already introduced a number of technical changes to the scheme—obviously it was introduced very rapidly. We are keeping all aspects of it under review. The one that he has mentioned is important; we are looking at bringing in new lenders as soon as possible, including Funding Circle, which specialises in smaller loans for companies such as those he talks about. To answer his question: yes, we are keeping this under review, we are seeking to get new lenders accredited as quickly as possible, and we are keeping all other aspects of the scheme under review as well.
My noble friend makes a very good point. As I said in response to an earlier question, we are looking to expand the pool of lenders as quickly as possible and at Funding Circle. We are working closely with the British Business Bank to make sure that all aspects of the SME market are serviced. The BBB has put in place substantial additional resource to assist with processing applications from new lenders as quickly as possible. On 11 April four new lenders were accredited, and we are looking to get the circle expanded as quickly as possible.