To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent steps the Government has taken to ensure that banks provide loans under the Coronavirus Business Interruption Loan Scheme.
The Coronavirus Business Interruption Loan Scheme (CBILS) is part of a comprehensive package of measures designed to support businesses facing difficulties in this period.
Accredited lenders are responsible for providing loans under the CBILS. Decision-making on whether a business is eligible to access the CBILS is fully delegated to the accredited lenders, and individual lending decisions remain at the discretion of these lenders.
Since the CBILS launched, Government has listened to feedback from stakeholders and made changes to ensure that loans are processed as quickly as possible. These changes include:
The Government continues to work with banks and other finance providers to help SMEs access the finance they need.