Harrison Young logo Incorporating Harrison Young

FSB urges government to increase 80% guarantee on coronavirus business loans

The Federation of Small Businesses (FSB) has urged the government to increase its 80% guarantee on emergency coronavirus (COVID-19) business interruption loans.

Call 020 7703 7594 or email info@pjtandco.com

The Federation of Small Businesses (FSB) has urged the government to increase its 80% guarantee on emergency coronavirus (COVID-19) business interruption loans.

New data from UK Finance has revealed that 16,624 of 36,186 small business finance applications for a Coronavirus Business Interruption Loan Scheme (CBILS) facility have been approved. According to UK Finance, the average value of a CBILS loan is £171,000.

However, the FSB has called on the government and banks to streamline the application approval process and make more money available to the smallest UK firms.

Mike Cherry, National Chairman of the FSB, stated: 'The average value of a CBILS loan stands at more than £170,000. The case studies presented by UK Finance . . . all concern firms that have managed to secure big facilities. The small shops, restaurants, gyms, manufacturers and mechanics at the heart of our communities are not seeking loans of anywhere near this size.

'The government should up its guarantee on emergency loans with values under £30,000 from 80% to 100%. That, combined with the streamlined application process that should be in place for facilities of this size, should help to get more cash to the small firms that really need it.'

About our Team

Our partners have individual specialisms which enable us to provide clients with a first class tailored service

Learn more

Latest news
Contact Details

Please call:
020 7703 7594
020 8767 0151 (HY)

PJT and Co
Chartered Certified Accountants
Accountancy House
90 Walworth Road

London SE1 6SW

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2020 PJT and Co Chartered Certified Accountants. All rights reserved. powered by totalSOLUTION.

We use cookies on this website, you can find more information about cookies here.