‘Money must be made available quickly’ – our CEO responds to Government plans to help small businesses

As Chancellor Rishi Sunak announces a £330bn lifeline for the economy, our CEO, Oliver Prill responded:

“We’re very pleased to hear that the Government is introducing additional support for small businesses as they bear the brunt of the coronavirus crisis.

As the leading digital business banking challenger, with almost 150,000 members, we’ve listened to owners of small businesses in the last few days who’ve told us that maintaining their cash flow is their primary concern. Therefore we know the announcement of up to £5m in affordable loans as well as £10,000 cash grants for the smallest 700,000 businesses (for businesses who get small business rate relief or rural rate relief) will be very much welcomed by micro and small businesses.

“We’re reassured that the Government will make this support available next week. However, we’re concerned that many small businesses will run out of cash in a matter of days and so it is imperative that the money is available through a quick and simple application process. If needed, we’ll support Tide members through this process.

“We strongly believe that in this time of global crisis, it’s crucial that businesses like ours provide additional support to our small businesses. We’ll be announcing a number of additional measures to help our members very soon.

“While today’s news is welcome and much needed, we believe there are additional ways in which the Government could support the small business community. For example, we’re keen to see the Government introduce a Small Business Tsar to coordinate the Government’s efforts as the situation develops. This post would make sure the Government’s communication is clear and concise which could help small businesses find and understand the appropriate information more quickly.”

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