WIREDGOV

Responding to the news that over £2.8 billion has been given so far through the Coronavirus Business Interruption Loan Scheme (CBILS), Rain Newton-Smith, CBI Chief Economist said:

“These figures show that much needed finance is reaching more and more businesses, particularly larger firms. The Government and the banks are putting the shoulder to the wheel in unprecedented times.

“But while the pace is picking up, many firms are still missing out. More loans must get out the door faster for the businesses facing distress, especially smaller businesses. Finding quicker and simpler routes for smaller firms to access cash and extending repayment schedules to encourage more businesses to take them up, are two ways that could make a difference.

“Saving jobs now will be far more cost effective in the end than trying to replace jobs lost.” 

Notes to Editors:

About the CBI:

Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

Media Contact:

CBI Press Office is available 24 hours a day on 0207 395 8239, or email: press.office@cbi.org.uk. Follow @CBItweets on Twitter.