'Speed up loan scheme to aid struggling Lancashire businesses'

Lancashire-based business chiefs have urged the Government to speed up the Coronavirus Business Interruption Loan Scheme.

Friday, 24th April 2020, 2:06 pm
Businesses in towns and cities like Preston need cash now

New UK Finance figures show that 16,624 of the 36,186 small business finance applications have been processed and approved.

Critics say the Government should be acting faster to aid cash-strapped businesses.

Federation of Small Businesses National Chairman Mike Cherry said: “These figures mark an improvement.

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“But we need to see far more from the banks where the speed of processing applications and making money available to the smallest businesses are concerned.

“The average value of a CBILS loan stands at more than £170,000.

“The case studies presented by UK Finance today all concern firms that have managed to secure big facilities.

“The small shops, restaurants, gyms, manufacturers and mechanics at the heart of our communities are not seeking loans of anywhere near this size."