BCC welcomes 'encouraging progress' in Coronavirus Business Interruption Loan Scheme applications

THE British Chambers of Commerce has welcomed the encouraging progress being made by firms successfully accessing the Government's business support finance schemes.

Commenting on the latest UK Finance update on the number of firms successfully accessing CBILS, the BCC’s Head of Economics Suren Thiru said: “The increase in companies accessing CBILS is encouraging progress. However, the number of applications processed and approved will need to be increased significantly in what is a crunch week for firms urgently trying to access financial support.

 “Our Coronavirus Business Impact Tracker tells us that a concerningly high number of businesses are still finding accessing the scheme too complex and too lengthy.

"The government and financial institutions must continue to work together to identify practical steps to improve the workings of the CBILS scheme to ensure that cash gets to the frontline as quickly as possible.”