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SMEs struggle to access financial support

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Small companies whose trade has been damaged by the coronavirus pandemic have been struggling to get in touch with banks as they seek access to more than £1.2bn of government-backed credit, the Times reports. UK Finance urged customers to try to make contact through lenders’ websites instead of calling as many staff are absent because of the crisis. Meanwhile, Keith Morgan, chief executive officer of the British Business Bank, has said help for small firms to cope with the coronavirus will soon be available, stating: “The money will start to flow this week… We have had close interactions with major lenders and they are entirely committed to making this happen.” Finally, the Mail reports that councils, which are charged with handing out grants of £10,000 to £25,000 to the businesses who do not benefit from the government’s one-year business rates holiday, have not yet been provided with details of the scheme.

 

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