Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government what steps they are taking to ensure that Coronavirus Business Interruption Loans are being processed quickly and efficiently; and how long, on average, they estimate it will take for a business to receive such a loan.

The Coronavirus Business Interruption Loan Scheme (CBILS) opened for applications on 23 March. Since that date, we have made changes to widen the scheme’s eligibility so that more small businesses across the UK can benefit from the scheme, by extending loans to all viable small businesses affected by the Coronavirus, not just those unable to secure regular commercial financing. We have worked with the lenders to implement some technical changes to the British Business Bank’s processes that ensure that applications will be processed faster. As of 21 April, over £2.8bn worth of loans have been issued under CBILS, to over 16,000 businesses.

Lenders, such as banks, are responsible for providing loans supported by the guarantee. The exact terms of each loan and length of application will vary from lender to lender. Lenders are fully aware of the current urgency, so we would expect them to respond appropriately to their customers’ needs.