Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to support independent businesses whose finances have been impacted covid-19 pandemic.

Our ‘Pay as You Grow’ options for Bounce Back Loan Scheme borrowers provide additional flexibility for those who need it to repay their loans over a longer period and in a way that better suits businesses’ individual circumstances. So far, over a fifth of borrowers have used one or more of the options available.

The Recovery Loan Scheme provides government-guaranteed loans and other types of finance, up to £2 million per business group, for SMEs that would not be able to access a fully commercial facility, or would only be able to do so on worse terms.