Inverness, Nairn, Badenoch and Strathspey MP Drew Hendry ays UK government emergency loan scheme is "far too slow" during coronavirus pandemic
Just 6020 UK government emergency business loans have been approved under the government's scheme, introduced in the wake of the coronavirus lockdown.
The SNP has said the figure, from banking and financial industries trade body UK Finance, shows the roll-out of the initiative is "far too slow", with just 0.1 per cent of UK businesses receiving help.
Drew Hendry, the MP for Inverness, Nairn, Badenoch and Strathspey and SNP spokesman for business, energy and industrial strategy, has called on the UK government to step up and ensure businesses have access to the immediate cash they need to stay afloat.
He has written to Chancellor Rishi Sunak urging the UK government to ensure more direct support, including through grants, and said: "The UK government needs to provide the urgent support that businesses need during the coronavirus crisis.
"The roll-out of the emergency loan scheme is far too slow and too many businesses are not getting the cash they require to stay afloat.
"In other European countries support for business has been rolled out far quicker. After weeks of waiting, it is time for the Chancellor to step up and provide more direct support – speeding up the process and providing more grants, not just loans.
"The SNP welcomed the announcement of the emergency loan scheme as an important first step back in March, but it is clear it is not working in practice – and the urgent cash injection that the business community has called for has still not been delivered.
"The 6020 businesses that have received support are a tiny fraction of the millions of small and medium businesses in the UK. Many businesses aren't getting the urgent cash they need to pay the bills and could go to the wall unless support comes quickly.
"The SNP will continue to press the UK government to ensure businesses to get the support they need during this unprecedented emergency – but it is clear that we need to see much more support delivered without further delay."
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