'My firm is viable – but I can’t get a loan'

[lily9999 Profil]

'My firm is viable – but I can’t get a loan'



Gary Crosbie wants to keep his staff on, but like other small firms, his profitable business now faces running
out of cash owing to the coronavirus shutdown.

Mr Crosbie runs Inter-Refurb, which refurbishes pubs, hotels and restaurants.

He says he can demonstrate three years of profits, with £50,000 cash in the bank.

Urgent reforms
The government must bring in urgent reforms to its coronavirus loan scheme to stop small businesses going bust.
That's the message from MPs and firms who say loans are still being approved too slowly to help firms hit by
lockdown measures. The British Chambers of Commerce said that only 2% of UK's firms had so far secured
the loans. The Treasury said it was taking "unprecedented action to support business

Loan problems
Ministers brought in the Coronavirus Business Interruption Loan Scheme with promises that they would
do whatever it took to support firms hit by the shutdown. Government-backed loans were to be available
to all firms that were solvent and trading when the shutdown began.



The Treasury revamped the loans scheme two weeks ago, while banks said they worked through
the Easter weekend to boost lending. But some business owners have told the BBC that they have
not been able to access loans or grants.


Follow the real-time response to Covid-19 here. : slotxo