With the government loan schemes due to close at the end of November, it is important that businesses seeking to borrow funds to cover trading impacts from the pandemic get their applications submitted quickly – within the next week, ideally.
Banks are busier again as the schemes end, after a quieter period following the first wave of applications. A month to process an application is still quite tight timing for most of them.
We have detected a hardening of bank attitudes towards the retail industry in recent months as one of those hit most hard by the original and now regional lockdowns.
Being mainly London-based, bankers are seeing the emptier streets in the capital and inferring the impact on stores.
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