One per cent of firms access crisis loan

Some 37 per cent of respondents were planning to furlough between 75 and 100 per cent of staff over the next week, while 57 per cent have three months cash in reserve.

The British Chambers of Commerce tracker was conducted between April 1-3 and had 1,017 respondents, 77 per cent in the service sector.

It is hoped government announcements on April 2 intended to improve access to the Coronavirus Business Interruption Loan Scheme will see success rates rise, said BCC director general Dr Adam Marshall.

He added: “Our latest data shows that many businesses face a cliff-edge scenario, either at the end of this month or over the course of the next quarter.

“We’ve seen a big jump in the number of firms furloughing staff, and many are now starting to apply for access to government loan and grant schemes to keep themselves afloat. Yet our research suggests that support is only starting to reach firms on the ground.

“We are pleased that the Chancellor is listening and responding to our calls to strengthen the existing support. Improvements to the CBILS scheme should help more businesses get access to the cash they need over the coming days and weeks. This could be the difference between survival and insolvency for many firms.

“It’s vital that governments across the UK continue to work closely with business over the coming days. Every minute counts, and governments, local authorities and banks must do everything in their power to ensure support gets to firms on the front line more quickly.”

Dan Fell, CEO at Doncaster Chamber, added: “The picture in Doncaster mirrors national trends. Many firms are reporting a significant reduction in business and concerns over cash flow. April 24th, pay day for so many people, is a key date and it is imperative that to protect businesses and jobs, government gets cash out to business via the furlough scheme.

“Business has acted quickly and responsibly to protect jobs, government now needs to act quickly to protect businesses.

“Similarly, awareness of Government schemes seems pretty high in Doncaster. It should also be noted that many in business are applauding the overall measures being put in place to protect the economy.

“However, in many cases, firms are unable to access the support being offered and a number of organisations are reporting that they are falling through the cracks as they do not quite fit with the criteria.

“We are encouraging all Doncaster businesses to contact either the Chamber or Business Doncaster for support and guidance. If firms need help, we can signpost to existing support schemes and help people through the process. If the businesses feel as though they are not being heard or supported then please tell us so that we can keep the pressure on government to find solutions that do work.”

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