The business secretary Alok Sharma (pictured) has called on banks to make it as easy as possible for good businesses to access funding during the Covid-19 pandemic. There have been reports from some businesses that banks are making it increasingly difficult for businesses to access the Coronavirus Business Interruption Loan scheme.
Addressing the nation from Downing Street, minister Sharma said: “It would be completely unacceptable if any banks were unfairly refusing funds to good businesses in financial difficulty.
“Just as the taxpayer stepped in to help the banks in 2008, we will do everything we can to help the banks repay that favour and support the businesses and people of the UK in their time of need.”
The business secretary Alok Sharma has confirmed that from 1 April businesses will be able to access grants of up to £25,000, as part of the wider £22bn rates relief fund.
Local Authorities have also received more than £12bn, which the business secretary has instructed must reach businesses as quickly as possible.
The business secretary noted that the chancellor, Rishi Sunak, together with the Bank of England and the FCA, wrote to the chief executives of UK banks to urge them to make sure the benefits of the loan scheme are passed through to businesses and consumers.
