The chancellor is to make state-backed loans of up to £50m available under the CLBILS scheme, Sky News learns.
Speaking to Sky News' Sophy Ridge on Sunday programme, Alok Sharma, business secretary, said that £800m had been lent so far under CBILS to 4200 companies.
"They understand that… we have set this up at pace and everyone is literally working around the clock." The speed with which the emergency aid packages have been devised has prompted criticism from many SMEs which say they are being rejected by banks. A further CBILS flashpoint is emerging over lenders' rejection of loan applications by companies with private equity backers because of aggregated turnover calculations that were placing them beyond the scheme's scope.The dispute is significant because of the substantial chunk of Britain's economy which is backed by hundreds of billions of pounds of private equity funding - much of it invested in companies with a turnover of less than £45m.
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