Business: Scotland

Scotland Office written question – answered on 29th April 2020.

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Photo of John Lamont John Lamont Conservative, Berwickshire, Roxburgh and Selkirk

To ask the Secretary of State for Scotland, what recent discussions he has had with banks on helping Scottish businesses to respond to the covid-19 outbreak.

Photo of Alister Jack Alister Jack The Secretary of State for Scotland

My office and I have regular discussions on vital government support to Scottish businesses in light of the global Covid-19 crisis with a very wide range of Scottish stakeholders, including the key Scottish financial sector. The Chancellor is in regular contact with the banking industry to emphasise their importance in supporting businesses at this time.

Through our Coronavirus Business Interruption Loan Scheme (CBILS), Large Business Interruption Loan Scheme and newly announced Bounce Back Loans Scheme, we’re lending businesses of all sizes the money they need to stay afloat. This week the British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS) and more than 80% of the UK’s smaller businesses have a finance relationship with CBILS’ 52+ accredited lenders. These loans are an important part of the wide-ranging UK Government package of support the government has put in place to help UK businesses.

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