Head of Market Deeping chartered accountants highlight problems with government business loan scheme
Businesses are finding it "slow and difficult" to get financial help through a government-backed scheme designed to help keep them afloat during the coronavirus crisis.
Mark Hildred, managing partner of Moore Thompson Chartered Accountants in Spalding and Market Deeping, claimed that banks "still seem to be applying normal commercial terms" when considering applications from businesses for the Coronavirus Business Interruption Loan Scheme (CBILS).
Launched by Chancellor of the Exchequer Rishi Sunak on the same day that the UK went into lockdown (March 23) to prevent the spread of Covid-19, the scheme aims to support small and medium-sized businesses with an annual turnover of up to £45 million with finance of up to £5million for a maximum of six years.
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