Coronavirus Business Interruption Loan Scheme

Lord Taylor of Warwick Excerpts

Tuesday 12th May 2020 Lords Chamber

[Lord Callanan]

I can tell my noble friend that many bounce-back loans are being approved within a day. We are getting the money out to companies as quickly as possible. I am sure she will understand that I do not want to give out information in advance of what the Chancellor might say in Parliament this afternoon.

[Lord Taylor of Warwick (Non-Afl)]

My Lords, ethnic minority business owners have historically found it more difficult to access bank loans and other finance. In many cases, they operate microbusinesses where they would have to be almost a prophet to accurately forecast their profit. Have the difficulties faced by ethnic-minority business owners been factored in?

[Lord Callanan]

The noble Lord raises a good point but CBILS is open to businesses across all sectors in all parts of the country. We continue to monitor and review the implementation of all our loan schemes and we will not be slow to make any necessary changes. If the noble Lord has any specific information about difficulties being experienced by ethnic-minority businesses, I would be very happy to see it.