More help needed, say city business leaders

IT’S time to ramp up the levels of cash getting through to businesses struggling to survive because of coronavirus.

That’s the message from business leaders in Coventry, who have welcomed the latest round of coronavirus support announced by the government.

But the Coventry and Warwickshire Chamber of Commerce also says that businesses need more cash to get them through these “unprecedented

times”. The Coronavirus Business Interruption Loan Scheme is being extended so that more firms can ease their cashflow concerns, Chancellor Rishi Sunak has announced.

Lenders are no longer allowed to request personal guarantees on loans under £250,000 under the new changes.

And the new Coronavirus Large Business Interruption Loan Scheme (CLBILS) aims to see more firms able to benefit from governmentbacked support.

The scheme will provide a government guarantee of 80 per cent to enable banks to make loans of up to £25million to firms with an annual turnover of between £45million and £500million.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “When we are speaking to businesses in our region on a daily basis, cashflow is their number one concern and that was highlighted in the British Chambers of Commerce’s first Coronavirus Business Impact Tracker Poll this week.

“It’s vitally important that the levels of cash going out to businesses is now ramped up over the coming days and weeks in order to help get companies through these unprecedented times.

“We’re speaking to banks in our area and to the local authorities and we know they are all working incredibly hard in incredibly difficult circumstances to deliver on the financial support for firms.

“And we continue to identify where there are gaps in the support on offer and are passing those through to Government.”

She added: “We are constantly updating the information we are distributing to businesses and small firms can now find all of the details on whether they are eligible for a Small Business Grant or a Leisure, Tourism and Retail Grant through our Coronavirus Toolkit. It also gives them details of where to register.

“It’s vitally important that companies do keep up-to-date with what is on offer and we are working hard to keep businesses fully informed and are in daily contact with companies across the region.”

For more information, contact the Chamber on 024 7665 4321.