UK launches 100 per cent state-backed ‘bounce back’ loans May 4, 2020 The UK’s smallest businesses will be able to apply for 100 per cent state-backed so-called bounce back loans worth up to £50,000 from today. The government’s bounce back loans scheme provides micro loans worth 25 per cent of turnover, up to £50,000, just 24 hours after applying for them. The minimum loan amount is £2,000 [...]
Robot waiters, half the tables, and crossed fingers: How restaurants will reopen after UK lockdown ends May 2, 2020 Robot waiters, staff in masks and two metres between each table. This is what dining out could look like when the UK coronavirus lockdown is eased. At least, for the restaurants that manage to survive. Official government guidance on reopening has been limited so far. However, that could change soon as the Prime Minister said [...]
Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme April 30, 2020 Coronavirus business interruption loan scheme (CBILS) lending has topped £4.1bn, according to bank industry body UK Finance. Over £1.33bn of loans were approved in the week to 28 April. The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, an increase of over 50 [...]
Coronavirus: UK drawing up plans to safely re-open businesses April 30, 2020 The government is set to provide workplace-by-workplace guidance on how businesses will be able to re-open as the UK eases its coronavirus restrictions. Business secretary Alok Sharma will issue a series of instructions for how different sectors will be able to go to work, and how sectors such as hospitality, manufacturing, construction and retail can [...]
Barclays boss: Government prepared to go ‘well beyond’ £330bn in business support April 29, 2020 Barclays boss Jes Staley has said that the government is prepared to go “well beyond” its initial £330bn coronavirus business rescue package, labelling its efforts so far “an extraordinary tsunami”. Speaking to analysts this morning, Staley said: ‘£330bn was a first indicative number, but I think it’s pretty clear that they are willing to go [...]
R3 boss: Coronavirus is exposing cracks in banking tech April 28, 2020 As banking sectors across the globe grapple with the fallout from the coronavirus pandemic, a Wall Street veteran suggests the crisis may expose the need for new technology. David Rutter, who had a decade-long stint at interdealer Icap and now heads up financial tech firm R3, believes issues like the lending of coronavirus loans have [...]
Councils criticised for slow rollout of coronavirus business grants package April 28, 2020 Business groups have criticised councils for the slow rollout of the government’s coronavirus grant scheme as new figures reveal that almost 40 per cent of all eligible businesses are still waiting for the emergency funding. Councils across the country were given £12.33bn by the government four weeks ago on 1 April to distribute to businesses [...]
HSBC CEO: Applications for coronavirus loans ‘now easier’ to process April 28, 2020 HSBC’s CEO today blamed the sheer demand for coronavirus loans for banks’ apparent slowness to lend out cash to struggling small businesses. Noel Quinn said banks have seen a “significant volume” of applications for the Coronavirus Business Interruption Loan Scheme (CBILS) so far. And he rejected the notion that a full government guarantee of such [...]
Small businesses are the heart of the nation – and they need real support April 28, 2020 Dialogue is key during a crisis; it helps us to make the right decision by understanding the problems and challenges we face. That’s why I have been speaking to our customers every day, businesses like Danish Camp, a riverside visitor centre based in Bedford and Wheely Tots a local charity in North London. These conversations [...]
TheCityUK boss: Banks not ‘shirking’ CBILS duty April 28, 2020 One of the City’s most senior figures has insisted banks are not “shirking their responsibilities” as the government unveiled further modifications to the controversial Coronavirus Business Interruption Loan Scheme (CBILS). Miles Celic, chief executive of industry group TheCityUK, said that banks were doing “their level best” to address demand for loans in what he called “an [...]