Alexander Stafford, local Member of Parliament for Rother Valley, has today succeeded after urging the government to increase accessibility to the Coronavirus Business Interruption Loan Scheme (CBILS).
The scheme is part of the Chancellor’s response to the coronavirus pandemic, targeting businesses in difficulty as a result of the restrictions. As a result of Alexander’s campaign, the government have opened up access to the scheme for smaller businesses facing cashflow difficulties that didn’t meet the requirements for standard commercial facilities.
The scheme will now help many of the small and medium businesses in Rother Valley, helping to protect livelihoods and businesses from financial pressures, without any personal guarantees for facilities below £250,000.
Commenting, Alexander Stafford MP said:
“The Coronavirus Business Interruption Loan Scheme will protect businesses in Rother Valley, and I welcome the change to allow smaller businesses to access this vital scheme.
“This support will be critical to aiding the cashflow problems that face many businesses in Rother Valley, and I am grateful to Ministers for extending its scope.
“I will continue to raise issues most important to residents and businesses in Rother Valley both with Ministers and in Parliament throughout the lockdown and my number one priority is protecting people’s livelihoods.”