Bankers hit back at the administrator of an emergency small business loan scheme after its data suggested that most of the country's largest lenders have failed to take part.
According to a report from the government-owned British Business Bank (BBB), HSBC is the only major lender to have made money available through the Coronavirus Business Interruption Loan Scheme which was set up last week to keep struggling small businesses afloat during lockdown.
三级成人视频The BBB did not report any loans made by Lloyds, Santander, Barclays or Natwest owner Royal Bank of Scotland - but spokesmen for all four banks insisted they have given out money through the programme.
三级成人视频One lender is now in talks with the BBB about how it collects and presents data amid a growing backlash at high street banks for being too slow to help.
三级成人视频Just £91m of ultra-cheap credit has so far been given to small companies under the scheme, according to the BBB figures, which also suggest that fewer than 1,000 businesses have benefitted out of 130,000 expressions of interest.
Banks have been accused of dragging their feet and pushing companies to take out higher-interest alternatives 三级成人视频instead, leaving swathes of firms in danger of running out of cash and imperiling the future of the British economy.
三级成人视频MPs and business leaders are now demanding weekly updates on the amount lent to small firms.
The loans are handed out by high street banks in a scheme administered by the BBB.
One banking executive said the confusion is likely down to the time-consuming way in which the BBB records loans, making it look like fewer banks have been involved. They added: “Operations will start to get more efficient."
三级成人视频Chancellor Rishi Sunak revamped his loan scheme for businesses on Thursday amid mounting criticism over access for small companies.
Labour MP Rachel Reeves, chairman of the Business Select Committee, and the Federation of Small Businesses are demanding regular updates on the amount of loans being approved and rejected by banks.
三级成人视频Craig Beaumont, of the FSB said: “There is no reason not to publish this data. It’s the only way to get confidence back in the banking system.
“We could see businesses going to the wall as well as the banks' already battered reputations ruined. The sort of experiences that small businesses have so far received have to improve."
Ministers were this week handed a list of small firms struggling to obtain loans by business groups amid mounting criticism of the banking industry.
三级成人视频Mr Sunak is now extending the loan scheme and stopping banks demanding personal guarantees - where they can confiscate a director's property if debt is not paid - on borrowing below £250,000. He is also offering bigger companies state-backed funding.
三级成人视频RBS chairman Howard Davies told the BBC’s Today programme on Friday that the changes will make a big difference.
三级成人视频Banking sources said the industry is furious with the Government after business secretary Alok Sharma turned his fire to high street lenders this week.
Mr Sharma said it was time for banks to “repay the favour” after the taxpayer stepped in during the financial crisis. He warned it would be completely unacceptable if banks were refusing to lend to good businesses in financial difficulty.
A BBB spokesman said there “may be a number of facilities that are approved by lenders that they have not yet registered on our portal”.