27 May 2020
Rain Newton-Smith, CBI Chief Economist, said:
“These loans continue to be a major plank of the Government’s financial packages. As these figures show, the bounce back loans are getting to many smaller businesses in their hour of need. Likewise, the uptick in larger firms receiving funds is keeping many afloat and saving jobs.
“As lenders continue to do all they can, it is critical that they along with the Government keep on working with industry to fine-tune the scheme. Some high-growth and larger firms eligible for these schemes are struggling to access help due to Europe-wide state aid rules not designed for these unprecedented times. Many of these firms are the backbone of regional economies, they urgently need support to tide them over."