Economics
U.K. Firms Struggle to Access Cash Promised by Government
- BCC says 1% of firms surveyed successfully applied for loans
- Over half have less than 3 months cash and 6% are already out
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U.K. businesses are struggling to access the cash they need as government efforts fall short, according to the British Chambers of Commerce.
Just 1% of companies surveyed by the BCC had managed to access Chancellor Rishi Sunak’s Coronavirus Business Interruption Loan Scheme. Eight percent said they had been unsuccessful, citing the complexity of the application process, slow responses and, in some cases, no answer at all.