BBB blamed for delays to small business loans
The British Business Bank (BBB) has come under fire from high street banks which say the Treasury-appointed body responsible for overseeing the coronavirus loans scheme is applying over-complex rules for loans, leading to a logjam. Banks have to book loans with the BBB but they say the process is too detailed and should be simplified with the business bank given audit rights to assess the loans once they’re paid out. Separately, Staff at Lloyds bank have told trade union BTU that they are putting in 18-hour days in an effort to deal with demand from small business owners desperately trying to save their enterprises.
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