We believe the number could be quite a bit higher.

The push to move the liability to a Government backed indemnity represents an improvement in the lender’s credit position however it must be noted that the SME was fully underwritten by the funder for a CBIL in the first place, so should theoretically be responsible.  If the position is designed to take the Director out of their liability then that’s a win win for everyone except the Government. There is only so much that can be done by the Government and we must avoid amplifying the zombie status of many of UK SMEs, living off an ever-increasing debt pile, at all costs. 

The long-term future of the UK’s business sector is fundamentally reliant on people and resilience. Business has always been about people buying from other people. We must ensure that principally the financial security of individuals is protected so that they can continue to conduct business with each other and while businesses across the country have shown extraordinary levels of adaptability and strength in the face of changing consumer behaviour, we must also appreciate that we are now beyond the survival stage. “At Conister we have delivered upon all of our initial objectives. We received an initial allocation limit of £10 million for the BBLS scheme and so far, have approved 60% of applications. Without doubt, the scale of applications is enormous, however we have since applied for and received an additional allocation of £5 million and will continue to focus on resilient business segments that we believe will thrive in the future. Conister will continue to do all it can and work alongside Government and traditional lenders to support British businesses.