April - May Mag Issue 25 Paperturn - Page 19



“Accredited lenders approved to offer
Bounce Back Loans have worked at pace
with the Treasury to get this scheme up
and running by Monday, and staff are now
focused on processing applications and
getting money to businesses as quickly as
possible.”
Rob Hattrell, Vice President of eBay UK
said:
Dr. Adam Marshall, Director General of the
British Chambers of Commerce (BCC) said:
“This is extremely welcome news for
small businesses up and down the country
who trade online and offline, including
the 300,000 who trade on eBay on a daily
basis. Many of Britain’s SMBs are really
struggling financially in the current crisis.
Hopefully, this move from government will
help our very smallest businesses get the
financing they need quickly to manage
their cash flow or replenish their stock.”
“While the existing CBIL scheme may
be appropriate for some businesses,
our smallest businesses told us that they
were finding it hard in practice to access
this support from banks. By extending the
current government guarantee from 80%
of each loan to 100%, we hope this will
make it more likely that banks will extend
finance at a critical time. And by making
it simpler to apply, SMBs should be able
to get the help they need quickly just when
they need it most.”
“The launch of the Bounce Back Loan
Scheme is an important milestone in getting
credit flowing to small firms who have
so far struggled to access the financial
support they need. The standardisation of
the interest rate that can be charged after
the first 12 months is a welcome step in
helping firms manage their ongoing costs.
> “We look forward to working with the
government, British Business Bank and UK
financial institutions to ensure that the new
scheme supplies cash to businesses on the
ground quickly.”
“The Chancellor is standing shoulder-toshoulder with small businesses to help
them through the crisis.”
“A 100% government guarantee on loans
and a simple way of applying will be a l
lifeline to many small businesses and sole
traders under pressure.”
‘Banks have been operating at full throttle
and must stay in overdrive to get more
money out of the door faster. Time is of
the essence.”
From:
HM Treasury
Bounce back loans
Rain Newton-Smith, CBI Chief Economist,
said:
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