CBI responds to latest CBILS finance figures

Rain Newton-Smith, CBI Chief Economist said:

 “Vital funds are getting to the businesses that need them most. The Government and banks have been working around the clock to ensure businesses across the UK are being given the right support quickly. This scheme has been a lifeline for many.

“For smaller firms, the 100% guaranteed loan should help give sole traders, micro firms and entrepreneurs a simple route to fast finance to help them stay afloat from next week.

“The financial strain on businesses cannot be underestimated though and with more businesses applying for loans the banks must continue to be responsive to concerns and work at full speed to deliver the scale of support needed.”