Business borrowing increased drastically throughout 2020 as businesses fought to survive the coronavirus pandemic. More than £68 billion was partly or fully guaranteed by the treasury according to the Bank of England, with business borrowing increasing four-fold throughout the year. The UK government announced various support and loan schemes back at the start of the…
A new report suggests that up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid. The National Audit Office (NAO), the government’s spending watchdog, claimed that taxpayers could lose up to £26b thanks to fraud, organised crime or default. The Bounce Back loans scheme was aimed at small…
Business Banking startup Tide is facing a backlash from its customers after the firm suspended its bounce back loans offering. After the government-backed support loans were launched in May, Tide had thousands of companies sign up to their waiting list. Now however, the firm has suspended loaning after running out of money; leaving thousands of…