Tag Archives: business interruption loans

Lib Dems lead cross-party call for clarity on coronavirus loan scheme

The Liberal Democrats are leading a cross-party call for the Business Secretary to provide clearer guidance to lenders regarding Business Interruption Loans, following reports that lenders have been slow to approve loans to struggling businesses due to extensive due diligence processes.

Liberal Democrat MP Wera Hobhouse has been joined by over 20 MPs from across the political spectrum in writing to the Business Secretary to call for the additional guidance.

The letter asks that the Government sets out the “minimum level of due diligence required” to underwrite loans, criteria which would enable lenders to process applications at a faster pace. …

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