Welcoming today’s announcement by the UK Government is establishing a new emergency loan initiative for small businesses, including a 100% government guarantee on facilities and a fast, streamlined application process, Federation of Small Businesses (FSB) Scotland Policy Chair, Andrew McRae, said: “While the coronavirus business interruption loan scheme [CBILS] – and the modifications to it – have been welcome, there are clearly still issues with how it’s working, or not, for small businesses. They’ve found it too difficult to access and the process too lengthy.
“As we have said from the start of this crisis, speed is of the essence if we are to save many of the perfectly viable businesses who are battling severe cash-flow problems right now.
“This new simple fast-track system, which should be up and running from 9am next Monday, could finally get the money moving into small businesses and help them bridge the finance gap. If it does, it will prove to be a lifeline for those businesses and the jobs they sustain.
“The application turnaround time will be crucial, but we expect the new rules to slash waiting times. We would also expect all those who have been declined a CBILS loan facility to be offered to re-apply via this new system. Equally, those mid-way through a CBILS application should now be given the option to switch track.”