Originally written by Timothy Adler on Small Business
UPDATED: Only one in nine UK firms seeking help from the government’s coronavirus emergency loan scheme has managed to secure any cash, claims the British Chambers of Commerce.
Just 13 per cent of all firms who attempted to access emergency coronavirus business loans have been successful, with the majority are still awaiting a decision or being rejected, according to the latest BCC weekly tracker poll.
However, 57 per cent of firms surveyed by the BCC, did not intend to apply for a Coronavirus Business Interruption Loan (CBIL) at all due to concerns they would not be able to repay the loan.
Just 20 per cent of the 700 businesses surveyed said they had attempted to access coronavirus emergency business loans.
>See also: How do I apply for a Coronavirus Business Interruption Loan?
Of those who did apply, 48 per cent said they were still waiting for a decision and 40 per cent said they had been rejected for a loan.
Treasury rejects figures
However, the Treasury rejects the BCC’s figures saying that more than 40,000 applications have already been received for these loans and roughly half have already been approved.
A Treasury spokesman said: “These figures are wrong … lenders are