Responding to the Chancellor’s announcement that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. Jonathan Geldart, Director General at the Institute of Directors, said:
This is a welcome intervention, which should help ensure more firms can access the finance that could see them through this crisis. Business leaders will appreciate the Government’s continued flexibility in adapting their response to what’s happening on the ground.
It’s crucial that the Government’s support cuts through to those who need it. Having a quick and simple process will be vital, and we need to remember that taking on debt is always a difficult decision for small firms.