RE: Supportive Banks18 Apr 2020 16:39
Rishi Sunak has moved swiftly to try to counter the economic threat posed by the coronavirus pandemic by unleashing a £330bn package of bailout loans alongside an extraordinary offer of wage subsidies.
But the speed of the chancellor’s actions has created its own problems, with banks, regulators and Treasury officials scrambling to find ways of getting the money to the companies that need it most.
For many employers, the crisis has triggered a race against collapse, with wage bills to be paid this month even as their income has been wiped out after the government enforced a lockdown across the UK. Here, the Financial Times looks at how businesses can best access the right funds that they need to survive.
I am a small-business owner — how can I find the right loan for me?
The Coronavirus Business Interruption Loan Scheme (CBILS) offers financial support for small businesses with loans of up to £5m. As late as Monday morning last week, banks were racing to sign off the terms of the loan scheme that was due to go live just hours later. By Wednesday, the first facility was drawn down, with more than 4,000 applications in the pipeline as of Thursday.
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