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To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent discussions his Department has had with the banking sector to ensure applications for the Business Interruption Loan Scheme are dealt with in a timely manner.
The Coronavirus Business Interruption Loan Scheme (CBILS) is part of a comprehensive package of support for SMEs. The Government held discussions with the banking industry prior to the launch of CBILS. The Business Secretary continues to hold a regular dialogue with the largest CBILS lenders to monitor its implementation.
The Government has responded to feedback from stakeholders on CBILS, which includes the time taken by lenders to process applications, by:
The Government will continue to monitor the scheme and introduce amendments as appropriate.