UK businesses on borrowed time as lenders ‘give up’ on state rescue

Industry News | 25/04/20

A backlog of dozens of lenders are still waiting to be accredited by the British Business Bank (BBB) for the Chancellor’s troubled business rescue scheme as pressure mounts over tepid loan figures. Frustrated lenders are queuing up to be allowed to provide state-backed loans to cash-starved businesses with around 100 believed to still be in the government-owned development bank’s accreditation process, according to banking and tech sources. Many non-bank and fintech lenders are “giving up” on the BBB’s process as they “feel their applications are getting lost because there are a significant amount”, sources said.

Source: The Telegraph