Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the bank loan application success rates of small and medium-sized enterprises.

The Government recognises the vital importance small and medium-sized enterprises (SMEs) and is committed to supporting SMEs grow and create jobs by providing an environment in which they can thrive.

Access to finance for small businesses is important to drive growth. The government supports that access through the Recovery Loan Scheme, which offers a 70% government guarantee on loans to SMEs

of up to £2 million. The scheme has supported over £5.3 billion of finance to SMEs since its introduction in April 2021.

At the 2024 Spring Budget, the Government announced that the Recovery Loan Scheme would be extended to the end of March 2026, and renamed as the Growth Guarantee Scheme.