Firms could go bust in days as only £8.7billion in emergency loans has been paid out The Chancellor Rishi Sunak announced two bailout schemes to boost lending But just 2.6 per cent of the money available has actually been loaned by banks Firms face bust as only £8.7bn of the £330bn promised has gone out … Read more
Some of America’s largest banks set aside £20bn to cover cost of loans turning sour in coronavirus slump By Daily Mail City & Finance Reporter Published: 22:06 BST, 15 April 2020 | Updated: 22:36 BST, 15 April 2020 Some of America’s largest banks have set aside £20 billion to cover the cost of loans turning … Read more
‘Something has gone wrong, I am worried’: Ex-Bank of England governor Lord Mervyn King gives stark warning as just 4,200 UK firms get crisis loans compared to 725,000 in America Lord King is ‘worried’ about the Government’s emergency bailout loans system It has seen just 4,200 firms in Britain get the payment out of 300,000 … Read more
A pub landlord trying to get hold of a Government grant to keep his business afloat was told to send in three months of unredacted bank statements. Kyle Michael, owner of The White Swan pub in Aylesbury, Buckinghamshire, said this would be against guidance from his bank on data protection. The 49-year-old protested to Buckinghamshire County … Read more
Getting money out to small businesses is a priority for dealing with lockdown. But it is almost two weeks since the Chancellor, Rishi Sunak, unveiled the Coronavirus Business Interruption Loan Scheme and just 2,500 loans, worth £453m, have been made. Given there are 5.9m small and medium firms in Britain and an estimated 300,000 applications, … Read more
Buckinghamshire Council told Kyle Michael, owner of a pub in Aylesbury, to send in three months of bank statements, but he said this would be against guidance from his bank on data protection.
Struggling firms applying for Covid business loans ‘eight times more likely to be rejected than approved’ By Daily Mail City & Finance Reporter Published: 22:57 BST, 7 April 2020 | Updated: 23:15 BST, 7 April 2020 Struggling firms which applied to their bank for an emergency business loan last week were eight times more likely … Read more
Rishi Sunak bans banks from charging rip-off loans to ailing firms as the chancellor steps in after lenders were accused of exploiting businesses Rishi Sunak is stepping in after lenders were said to be exploiting businesses Banks allegedly turning down requests for Government cash support scheme Some have been telling companies they can get one … Read more
PAUL THOMAS on… coronavirus loans row By Paul Thomas For The Daily Mail Published: 02:31 BST, 2 April 2020 | Updated: 02:31 BST, 2 April 2020 To order a print of this Paul Thomas cartoon or one by Pugh, visit Mailpictures.newsprints.co.uk or call 0191 6030 178 Share or comment on this article:
Barclays was last night accused of charging struggling firms up to 12 per cent interest on Government-backed crisis loans. Major banks have also come under fire for telling company directors their personal assets will be seized if their businesses fail. The Coronavirus Business Interruption Loan Scheme was launched by 40 lenders on Monday as part … Read more