UK Banks Approved Only 6,000 SME Loans So Far

UK banks have only approved 6,000 loans for £1.1bn to SMEs as they slowly start to roll out the Coronavirus Business Interruption Loan Scheme or CBILS; there is pressure growing to speed up the process time and to get non bank lenders approved en masse; 250 accountancy firms wrote an open letter to the Chancellor of the Exchequer to include sole traders within CBILS; Chancellor of the Exchequer, Rishi Sunak, said to AltFi: “Getting finance to businesses is a key part of our plan to support jobs and the economy during this crisis – and we’re working with lenders to ensure support reaches those in need as soon as physically possible.”; there have been almost 30,000 applications submitted so far. Altfi

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