While Lloyds successfully lent $1.2B on the first day of the Bounce Back loan scheme, the program itself is seeing preliminary criticism
But the Bounce Back scheme is seeing its own preliminary criticism. Mike Cherry, the national chairman of the Federation of Small Businesses, said that despite a "promising start" for the Bounce Back scheme, some firms were still reporting difficulties accessing applications or only receiving a "We'll call you" message in response to their inquiries.
The British Business Bank says it plans to accredit more lenders, but hasn't specified how many. We think the government should speed up its accreditation and tap all areas of the UK banking space — including business neobanks and alt lenders — to ensure funding is as accessible as possible and avoid some of the pitfalls it's seen with CBILS.
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