3. New CBILS figures illustrate a steady increase in the number of firms accessing the scheme, but with many firms facing an immediate cash crunch, delivery remains disappointingly slow.
The Bounce Back Loan scheme has made an encouraging start with large numbers of initial approvals, but it is essential that these are processed with the same speed and cash is delivered to firms on the ground as soon as possible.
The current template for Bounce Back loans could be used the improve the provision of the CBIL scheme, including adopting an easier and more consistent application process. Government must also be ready to further expand the existing grant schemes to ensure that as many businesses as possible get access to the support they need.
Paul Griffiths - Chief Executive
Northamptonshire Chamber of Commerce
7th May 2020