'Steady improvement' of firms accessing Coronavirus Business Interruption Loan Scheme welcomed

A "steady improvement" in the number of firms accessing the Coronavirus Business Interruption Loan Scheme has been welcomed by Chambers.

Commenting on the latest UK Finance figures on the number of firms successfully accessing CBILS, the BCC’s Head of Economics Suren Thiru said: “Although the steady improvement in the number of firms accessing CBILS is welcome, with many firms only having a few months' cash in reserve the pace of delivery remains disappointingly slow.

“The strong start made by the Bounce Back loan scheme is encouraging for the smallest businesses that are struggling to stay afloat. However, more needs to be done to ensure that all businesses get access to the finance they need.

“The current template for Bounce Back loans could be used the improve the provision of the CBIL scheme, including adopting an easier and more consistent application process. 

“Government must also be ready to further expand the existing grant schemes to ensure that as many businesses as possible get access to the support they need.”