Coronavirus Business Interruption Loan Scheme

Baroness Lane-Fox of Soho Excerpts

Tuesday 12th May 2020 Lords Chamber

[Lord Callanan]

I know that my noble friend takes a close interest in matters in Northern Ireland. These schemes are available to businesses across all regions of the UK, and many lenders acting in Northern Ireland have received accreditation. However, we are working to get more lenders fully accredited as quickly as possible. Fourteen lenders have now been accredited for the bounce-back loan scheme and we are seeking to get more approved as quickly as possible.

[Baroness Lane-Fox of Soho (CB)]

Smaller companies will rely on the future fund for support, yet the Government have said that companies are required to have already raised £250,000 to be eligible. This will put both diverse funders and locations outside of the south-east at an enormous disadvantage. How will the Minister ensure that the future fund will neither deepen existing inequalities nor perpetrate new ones, particularly when, as I understand it, all 13 advisers to the fund are men?

[Lord Callanan]

We have introduced a comprehensive package of measures designed to support any business facing difficulties in this period, including the various loan schemes and grants and support for the self-employed. Start-ups may be able to access CBILS or the bounce-back loan scheme if they fulfil the eligibility criteria. We keep them constantly under review to ensure that as many businesses as possible receive the support that they need.