Question to the HM Treasury:

To ask Her Majesty's Government what steps they are taking to help small- and medium-sized businesses access extended credit terms.

The Government announced an unprecedented support package to help small and medium-sized businesses (SMEs) through this challenging time, including the Government-backed loan schemes.

The Coronavirus Business Interruption Loan Scheme (CBILS) provides Government-backed finance of up to £5m per business, helping SMEs who risk becoming unviable during this period. The scheme has provided over 49,000 finance facilities worth a value of over £10.1bn. The Bounce Back Loans Scheme (BBLS), ensures that the smallest businesses can access the finance they need in a matter of days. The scheme so far has provided over 863,000 loan facilities worth over £26bn.

The Government also continues to work with banks and other finance providers to help SMEs access the finance they need, and welcomes lenders ongoing support for customers, such as repayment holidays and fee-free overdraft extensions.