Ruth Cadbury MP has urged the Government to provide 100% backing for the emergency 'Coronavirus Business Interruption Loan Scheme' to ensure that local small and medium size businesses can access the cash and support that they need.
On Thursday Ruth wrote directly to the Secretary of State for Business, Energy and Industrial Strategy Alok Sharma to urge the Government to provide 100% backing for these loans.
Additionally in Ruth's letter she also raised a number of issues that local businesses have faced in accessing the loans- such as the delays in approval and the complex limits imposed on loans.
Speaking afterwards Ruth said,
''The Government need to step up urgently and provide a 100% guarantee for the loans to our small and medium businesses who desperately need support. I know from talking to local businesses and local owners just how worried they are and how much difficulty they've had in accessing these loans.
100% government backing would make it easier to speed up the provision of these loans and can get money flowing directly into local businesses.
Other countries like Switzerland and Germany have provided 100% government backing- in Switzerland they've approved over £12 billion in loans for over 70,000 businesses. The UK Government need to look at what's working in other countries and take a similar approach to give our businesses the support they need.
I will keep working to stand up for our local businesses and to make sure they get the support they need. If any local businesses have problems around these loans I urge them to get in touch with me''
Any local businesses or constituents can get in touch with Ruth directly at Ruth@RuthCadbury.org.uk