Oral Answers to Questions

Sarah Dines Excerpts

Monday 4th May 2020 Commons Chamber

[Stephanie Peacock (Barnsley East) (Lab)]

Whether the Government have collated statistics by region on the number of businesses that have had their coronavirus business interruption loan application (a) approved and (b) rejected.

[Miss Sarah Dines (Derbyshire Dales) (Con)]

What steps his Department is taking to ensure that all firms requiring assistance are able to access the coronavirus business interruption loan scheme.

[Seema Malhotra (Feltham and Heston) (Lab/Co-op)]

What estimate his Department has made of the number of social enterprises that have received coronavirus business interruption loans.

--- Later in debate ---

[Alok Sharma]

I welcome the hon. Lady’s acknowledgement that things are starting to work in terms of the CBIL scheme. I have personally had conversations with individual banks, and I will continue to do that. We have also made the scheme more accessible—for instance, extending it to all viable small businesses and removing the forward viability test.

[Miss Dines [V]]

Businesses such as RG Millward Ltd in my constituency of Derbyshire Dales have been applying for the coronavirus business interruption loan. I welcome my right hon. Friend’s commitment that those loans will be interest-free for 12 months. What is he doing to ensure that businesses such as those in my rural constituency can access these loans from the banks on the most favourable and reasonable terms at this difficult time?

[Alok Sharma]

I thank my hon. Friend for that question. I can tell her that my Department is working very closely with the financial sector to ensure that businesses across the whole UK, including in Derbyshire Dales, are getting the support they need. As a result of the schemes we have announced, through the British Business Bank, businesses can now access Government-backed loans worth anywhere from £2,000 up to £50 million.