Although the Government has moved quickly to develop a number of schemes to assist in the delivery of finance to businesses – including the Coronavirus Business Interruption Loan Scheme (CBILS), Term Funding for SMEs (TFSME), Contingent Term Repo Facility (CTRF), and the Covid Corporate Financing Facility (CCFF) –some independent and non-bank lenders still cannot access these facilities.
In numerous conversations with Government, we have been very clear that the tools used to support the banking sector in 2008 are too narrowly focused to support firms of all sizes, in every sector of business, across the whole of the UK economy in 2020.
This crisis requires the full breadth of financial services, and within this spectrum the insight of specialist lenders, with expertise unique to the sectors in which they operate, will be necessary to ensure that the right mix of funding is channelled to where it’s needed. And the need is great.
Our members are already seeing unprecedented requests for payment holidays and forbearance from businesses that in normal times would be in rude health. Viable businesses need help now to ensure that they can contribute the UK’s economic recovery.
Thanks to our members’ detailed feedback, we have identified a number of ways to help ensure money gets to the customers that need it most. You can read our full response to the Government Schemes here
Published 27 Mar 2020