Commenting on the latest UK Finance update on the number of firms successfully accessing CBILS, the British Chambers of Commerce’s Head of Economics Suren Thiru said:
“The increase in companies accessing CBILS is encouraging progress. However, the number of applications processed and approved will need to be increased significantly in what is a crunch week for firms urgently trying to access financial support.
“Our Coronavirus Business Impact Tracker tells us that a concerningly high number of businesses are still finding accessing the scheme too complex and too lengthy. The government and financial institutions must continue to work together to identify practical steps to improve the workings of the CBILS scheme to ensure that cash gets to the frontline as quickly as possible.”
Also commenting on the UK Finance update, Nova Fairbank, Head of Policy for Norfolk Chambers of Commerce said:
“Whilst we welcome the increased take up of the scheme, we are aware of many Norfolk businesses still trying to access the funding and that many are still awaiting lending decisions. Businesses need access to funds now and the need for easier access and quick lending decisions is vital.”
