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130K inquiries, 1K loans: why UK government had to tweak help for small firms

2020-04-02 21:11:59| Guardian Unlimited Business - more business news

Original coronavirus scheme was fiddly, slow and rested too heavily on banks judgmentCoronavirus latest updatesSee all our coronavirus coverageWhat was wrong with the governments first version of its emergency loan package for small businesses? The problem is vividly illustrated by this statistic: only 983 companies have had loans approved so far. Thats versus 130,000 inquiries.The running totals released by the Treasury for the first time since the Coronavirus Business Interruption Loan Scheme, or CBILS, was launched on Monday last week support the loud complaints from small businesses in search of cash. The scheme was fiddly, slow and rested too heavily on banks judgments about eligibility. Continue reading...

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