We welcome the Government’s announcement to reform its support package for SMEs to ensure that all struggling businesses get access to the Coronavirus Interruption Loan Scheme. However, many of our members are reporting that SMEs are now only weeks, if not days, away from failing as they have not been granted access to the financial support they need.
We have had a wasted week. It is about time we throw SMEs a lifeline they can really hold onto, and ensure that they get immediate access to some much-needed cashflow to keep afloat. They should not be caught between the banks and the Government. Additionally, it is a nonsense in an environment where the Bank of England has now cut is base rate to 0.1% not to be able to access cheap money. High-street lenders should be supporting good businesses in their time of need, not hiding behind bureaucracy and red tape. It is time to take responsibility and act.
Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants