Business: Government Assistance
(asked on 1st December 2020) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure that businesses that are eligible for Bounce Back loans but unable to access them through their bank receive the support they need.
The Bounce Back Loan Scheme (BBLS) is currently being delivered through 29 accredited lenders, including several non-banks and alternative lenders. If an eligible business is unable to access the scheme because their bank is not a participant, or their bank is unable to process their application or turns it down, businesses are encouraged to apply for finance with another of the lenders. These accredited lenders are all listed on the British Business Bank’s website[1].
If the application is still unsuccessful, there are other forms of finance available to eligible firms and these can be identified from a number of sources, including the Government’s online finance finder on GOV.UK.
Businesses of all sizes across England, are also encouraged to contact the nearest local government-backed Growth Hub for free impartial advice on accessing the right finance. Expert advisers will be able to discuss alternative sources of support, business planning and building resilience.
The Government’s Business Support Helpline (FREEPHONE 0800 998 1098) also provides free, impartial support and advice to businesses.
Businesses based in Northern Ireland, Wales and Scotland will be able to access similar support through the Devolved Administrations.