Government now seems to be responding to growing criticism of banks not giving enough help to good businesses struggling to survive the coronavirus crisis.
The banks came in for something of a blasting from Business Secretary Alok Sharma.
He told yesterday evening’s Downing Street press conference:
“It will be completely unacceptable if any banks were unfairly refusing funds to good businesses in financial difficulty.”
His comment is timely as Business West’s Trading Through Coronavirus initiative has found businesses often struggling to get bank support.
And the new business minister seemed to echo what many small businesses especially are saying about their dealings with the banks they helped to rescue.
“Just as the taxpayer stepped in to help the banks back in 2008, we will work with the banks to do everything they can to repay that favour and support businesses and the people of the United Kingdom in their hour of need.
“From today, businesses will start benefitting from £22 billion in the form of Business Rates relief and grants form up to £25,000 paid into the bank accounts of the smallest High Street firms.
“On Saturday, I said we had provided funds to councils in England for grants to small businesses.
“As of today, these local authorities have received more than £12 billion. This afternoon, I held a call with hundreds of local authorities across England and made clear that this money must reach businesses as quickly as possible.
“I know that businesses across England have already started to receive these grants”.
Well, we certainly hope so because many of our small businesses say they have just a few weeks to survive without this government cash.
“You are making a real difference”, Alok Sharma told business.
Warm words.
And he said the government were listening to business and we must believe that, of course.
But the proof of government’s help to business will be in how quickly it is delivered.
The survival clock in many of our companies is sadly ticking.
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