Mid Yorkshire Chamber responds to boost for Covid-19 business support schemes

On Thursday, Chancellor Rishi Sunak overhauled the scheme after claims banks were taking advantage of the crisis.

The government has pledged to guarantee £330bn of loans but only £145m has been lent so far.

Small businesses say they have struggled with stringent eligibility criteria for the government-backed loans, which are being issued by High Street banks and other lenders.

They have also reported facing interest rates of up to 30 per cent and being asked to make unreasonable personal guarantees.

Mr Hathaway said: “The last few weeks have been the toughest that many of us have ever had to deal with, which was reflected in yesterday’s Business Impact Tracker published by the British Chambers of Commerce.

“Responding to the concerns highlighted by the business community, the Chancellor has now made great improvements to the Coronavirus Business Interruption Loan Scheme (CBILS), which will particularly help larger companies throughout our region. Removing the need for personal guarantees is a relief for many and this certainly solves some of the issues these businesses were faced with, so we’re pleased they’ll have access to financial support quickly and that things are moving in the right direction.

“Myself and the team at the Mid Yorkshire Chamber are continuing to work closely with the British Chambers of Commerce, the UK Government, the Bank of England and our local councils to ensure Covid-19 support for businesses is in place and communicated as soon as possible. We’re also all on hand to answer individual queries from our members across the districts of Halifax, Huddersfield and Wakefield.”

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