“Thousands of businesses applied for the first Bounce Back Loan scheme, but there are lessons to be learnt if this time around is to be carried out more effectively – our SMEs need all the support they can get with quick turnaround times. Technical glitches, errors and delays within the scheme mean that thousands of SMEs were waiting for long periods of time for their loan, some still are!
“We must make sure small businesses have access to funding so that they can stay afloat during this second wave, but another helicopter money approach is doomed to exploitation. Loosened but prudent underwriting and fraud controls must be in place for any loan scheme to work. Banks and alternative lenders have to work together alongside the government to guarantee businesses who previously applied to non-bank lenders are not denied the finance they need to get through the end of 2020.”
Scott Donnelly, CEO, CapitalBox