‘Completely unacceptable’ for banks to unfairly refuse funds to businesses in difficulty

It would be “completely unacceptable” for banks to unfairly refuse funds to companies in financial difficulty, business secretary Alok Sharma has said.

In today’s briefing Sharma said the banks had been bailed out by taxpayers and that now it was time to “repay the favour”.

Many concerns have been raised by businesses struggling to access credit or being asked to provide personal guarantees.

The business secretary said concerns were being heard within government and further measures to help companies access funds quickly can be expected to be announced by the chancellor in the coming days.

Additionally, Sharma said local authorities had been told to ensure grants to businesses are distributed “as quickly as possible”, with all funds now passed to them.

Photo credit: Shutterstock

Hospitality businesses starting to receive coronavirus grants>>

National Living Wage increases by 6.2% today>>