Coronavirus Business Interruption Loan Scheme Debate
Full Debate: Read Full DebateLord Razzall
Main Page: Lord Razzall (Liberal Democrat - Life peer)Department Debates - View all Lord Razzall's debates with the Department for Business, Energy and Industrial Strategy
(4 years, 6 months ago)
Lords ChamberTo ask Her Majesty’s Government what assessment they have made of the operation of the Coronavirus Business Interruption Loan Scheme for small- and medium-sized businesses.
Does the Minister accept that, although the number of loans is quite large, the number of SMEs receiving them as a proportion of the whole is relatively small? Is he concerned that, under the two existing schemes, banks are primarily lending only to people to whom they would have lent anyway in normal times? This is particularly hitting the hospitality and retail sectors.
The noble Lord is right that only a relatively small proportion of the total number of SMEs have applied for or received loans. However, it is important to remember that not all businesses want loans, and of course other government support schemes are also available to help them through the crisis.