'Speed up loan scheme to aid struggling Lancashire businesses'
New UK Finance figures show that 16,624 of the 36,186 small business finance applications have been processed and approved.
Critics say the Government should be acting faster to aid cash-strapped businesses.
Advertisement
Hide AdAdvertisement
Hide AdFederation of Small Businesses National Chairman Mike Cherry said: “These figures mark an improvement.
“But we need to see far more from the banks where the speed of processing applications and making money available to the smallest businesses are concerned.
“The average value of a CBILS loan stands at more than £170,000.
“The case studies presented by UK Finance today 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."
Comment Guidelines
National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.