LONDON, April 3 ― British finance minister Rishi Sunak will today address a gap in its support for businesses trying to survive the seismic economic hit from the coronavirus outbreak, by allowing medium-sized companies access to government-backed loans. The move comes on the back of warnings that...
A woman wearing a mask and gloves in Brixton as the spread of the coronavirus disease continues in London March 31, 2020. — Reuters pic
Under the new loan scheme, companies with an annual turnover of between £45 million and £500 million can apply for loans of up to £25 million from banks with an 80 per cent government guarantee, the finance ministry said. With gauges of business activity slumping to record low levels, economists expect Britain's economy will contract by around 10 per cent or more in the second quarter but many reckon a sharp recovery is possible once the virus outbreak peaks and fades.
The new scheme for larger medium-sized companies will be offered at commercial rates of interest and more details will be announced later this month, the finance ministry said. The small companies support programme launched last week now has £90 million of lending approved for nearly 1,000 firms, the finance ministry said.
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