Bank chiefs beg for patience on loans

THE bosses of Britain’s biggest banks have joined forces to beg small businesses for patience as thousands scrambled for emergency coronavirus loans.

The chief executives of Lloyds, RBS and HSBC called for understanding as ‘unprecedented numbers’ turned to them for support.

Banks were criticised last week for delays and hitting customers with onerous terms. But The Mail on Sunday understands that the

Treasury has asked banks to offer small firms their normal loans in the first instance, which come with fees and personal guarantees such as putting up a home as security.

The state- backed interest- free loans will be used as a back-up if normal loans cannot be issued.

HSBC boss Ian Stuart said: ‘We’ve moved much of our back office into colleagues’ living rooms and kitchens. I understand the frustration of customers who feel the new systems are slow but bear with us.’

Alison Rose, head of RBS, said: ‘Our phone lines are very busy, but we are providing extra support for customers who need it most.’

Antonio Horta-Osorio, chief executive of Lloyds, said: ‘We are working at pace.’ He added that Lloyds has used its usual lending criteria for 90 per cent of loan applications.