What a difference a day makes
31 Mar 2020
Over the last few weeks, the landscape and outlook for business has changed more than we might have ever imagined. In several announcements, starting with the Budget on March 11, the Chancellor has provided a series of new initiatives and support programmes for UK businesses. For our customers and in support of their businesses, the ‘Coronavirus Business Interruption Loan Scheme’ or CBILS, has been launched
How does this help for our members at FIBA? Well it will open up different opportunities to help business across the UK who really need our support at this moment in time. On the other hand, we are seeing more lenders who are temporarily stepping back to consider how to approach this new financial world. Our first task on Monday was to collate a library of this information that will be made available shortly, stating who is in and who is out currently. However, this is a changing landscape and one that needs constant monitoring. Having said that our lender partners have been keeping everyone up to date.
I took part in a video conference call on Wednesday with my Westminster Group and this involved some MP’s. We discussed a number of different matters including the proposed support for small businesses and the self-employed the Chancellor announced yesterday (Thursday). My contribution focussed on how we as a community can provide financial support through the FIBA network to UK SME’s and the specialist property finance market, a subject and another call I expect to return to again over the coming weeks.
I will keep you abreast of any further information.
By Adam Tyler, Executive Chairman, FIBA