MPs call for BBLS replacement

The All-Party Parliamentary Group (APPG) for Fair Business Banking has called for the government to replace the Bounce Back Loan Scheme (BBLS), with leader Kevin Hollinrake saying the group of cross-party MPs want a new scheme to be “rolled out really quickly”. While the BBLS is set to come to an end next month, Mr Hollinrake said it should be immediately replaced by “a new iteration of the scheme” that would run into the middle of 2021. Labour’s Ed Miliband, the shadow business secretary, said: “It’s vital that ministers act to unblock the system and ensure finance is available.” With Yorkshire and Clydesdale banks closing to new BBLS applicants, Starling Bank is the only one of the 28 banks eligible to lend money under the scheme not to have closed to new customers. Research by the APPG suggests that up to 250,000 small businesses could struggle to access the loans as they do not bank with accredited lenders. Mr Miliband said it was “deeply concerning” that businesses on the brink were “being squeezed out” of the scheme. Mike Cherry, national chair of the Federation of Small Businesses, said: “With a month to go until the BBLS is set to close, it’s vital that all small firms who need access to finance can do so in a speedy fashion so as to ensure that jobs and businesses can be safeguarded for the future.”

Source City AM