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Small Businesses: Loans

Question for Department for Business, Energy and Industrial Strategy

UIN HL13622, tabled on 23 February 2021

To ask Her Majesty's Government what assessment they have made of the ability of small businesses to obtain finance from banks that is not underwritten by the government.

Answered on

9 March 2021

The Government continues to engage with UK Finance, the Bank of England, and the wider banking sector, to encourage the flow of finance to UK businesses.

The Government continues to publish free information and advice on business finance outside the business interruption loans – including finance available from a variety of sources such as private funds and investors, and not only those guaranteed by Government. This can be found online on GOV.UK, through the business finance finder, through the network of Growth Hubs in England, and through the free Business Support Helpline.

The Government has provided an unprecedented level of support to protect the UK economy through the COVID-19 pandemic, including through the business interruption loan schemes. The business interruption loans will close on 31 March and the new Recovery Loan Scheme will launch on 6 April and run until 31 December 2021, subject to review.