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Arun MP contacts businesses to offer help

Nick Gibb, MP for Arun and Littlehampton said over the last few days he has been contacted by a number of small businesses in Bognor Regis and Littlehampton in order to understand how they are dealing with the consequences of the coronavirus pandemic.

 

He said many are very worried and, while all welcomed the Government’s promise to provide financial relief, a number raised some concerns which Mr Gibb has now taken up with the Chancellor of the Exchequer, Rishi Sunak.

 

Mr Gibb said: “Some business owners are concerned that the banks are taking too long to respond to loan applications made under the Government’s Coronavirus Business Interruption Loan Scheme and are applying normal lending criteria rather than recognising the unique and urgent nature of the problems these business are facing. In some cases, banks are also seeking personal guarantees.

 

“I am very concerned about these issues. Banks should be responding as quickly as they can to applications. The Treasury is working hard to make sure that the Scheme is effective in delivering aid at speed to businesses in need.

 

“The pandemic poses an unprecedented threat not only to our physical health but to the financial wellbeing of the nation. The Government has promised to do whatever it takes to help people and business get through the next few months.

 

“People should not have to worry about the impact coronavirus will have on their jobs, their incomes and their ability to provide for their families. That’s why the £330 billion package of loans and guarantees that the government has announced is so welcome.

 

“The government is working as quickly as it can to roll out all the measures. Since the Coronavirus Business Interruption Loan Scheme was launched last week, more than £90 million in loans have been made to nearly 1,000 small and medium sized businesses.

 

“I am determined to see that businesses in Bognor Regis and Littlehampton are supported during this crisis and that any teething issues in the implementation of the government’s multi-billion pound protection scheme are ironed out as swiftly as possible.”

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