84% of builders waiting for CBILS loan confirmation

The Federation of Master Builders wants the Chancellor to address the difficulties SMEs are having in accessing the Coronavirus Business Interruption Loan Scheme.

The results of the latest FMB survey included:

  • 50% of FMB members who have applied for the CBILS have found the process either ‘somewhat’ or ‘very difficult’.  
  • So far, 10% of FMB members who have applied for a loan have been rejected with 84% still waiting to hear back from their bank  
  • 29% of SME house builders believe they are not able to apply for a loan through the scheme

579 FMB members participated in the survey.

Brian Berry, chief executive at FMB, said he understood the immense pressure banks were under, but wanted the CBILS to be fast-tracked.

“I am hearing… about members who have been told by their banks that they will get back to them and never do.

“The Government should work with Homes England and the devolved administrations to help find a way to keep SME house builders afloat in this time.”

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