Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the ability of small and medium-sized businesses to access the Business Interruption Loan Scheme to help cover the costs of coronavirus.
The Coronavirus Business Interruption Loan Scheme (CBILS) is now live. Eligible businesses can apply for a loan or other form of finance through one of 40-plus providers accredited by the British Business Bank to offer the scheme. These include all the major UK banks. The application process is typically online for smaller amounts and the lending decision is made by the provider concerned.
Full guidance, including eligibility criteria, is available on the British Business Bank website at www.british-business-bank.co.uk/cbils and this information is being widely disseminated online, through the Government’s Business Support Helpline and by accredited providers.