Coronavirus Business Interruption Loan Scheme

Lord Caine Excerpts

Tuesday 12th May 2020 Lords Chamber

[Lord Callanan]

No, I do not accept that criticism of the banks. They have worked extremely hard, as have the British Business Bank and the department, to try to get as many loans approved as possible for businesses that want them. The Government are—certainly through the bounce-back scheme—supporting 100% of the amount of those loans. Therefore, a lot of work is going on in all the sectors to try to help the businesses that require support.

[Lord Caine (Con)]

My Lords, I strongly commend the Government for their support for business during this crisis. Can my noble friend give more detail of the operation of both the business interruption scheme and the bounce-back scheme in Northern Ireland, which is predominantly an SME economy? Will there be regular updates on the number of successful applications, along with their value? Is he aware of concerns among some big players, including the Bank of Ireland, that they have yet to be accredited for the bounce-back scheme? Finally, has any assessment been made of support available in the Republic of Ireland and how it compares with what is on offer to business in Northern Ireland?

[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.