The Analysis News & Opinions


Final Covid loans data reveals £80bn of support


Over 1.67 million loans have been provided, protecting millions of jobs and livelihoods across the UK at a time of unprecedented uncertainty and crisis. Government-backed loan schemes have


supported businesses of all sizes across the UK, ranging from big manufacturers and exporters which have received Coronavirus Large Business Interruption Loans (CLBILS) loans, to innovative tech companies which have benefited from the Future Fund, as well as the millions of smaller firms which have received a Bounce Back Loan (BBL). Chancellor Rishi Sunak said: “We


promised to stand by businesses at every stage of the pandemic and we have delivered on that promise. “I am proud of the extraordinary extent of


support we have offered since March last year – we will continue to back businesses and protect people’s jobs as we recover from coronavirus.”


More than 1.5 million BBLs worth £47 bn


were provided during the pandemic, with £26bn also provided as CBILS as well as over £5bn worth of CLBILS. A further £1.13bn of funding has been


provided to 1,190 high growth firms through the Future Fund. This scheme, which closed on the 31 January, was designed to support innovative UK companies that typically rely on equity investment and whose access to investment was affected by Covid-19. Firms will continue to access government-


back loans through the new Recovery Loan Scheme, which opened in April and runs until the end of the year. Innovative firms will also have access to the new Future Fund: Breakthrough scheme will launch later this month. In addition to providing over £350bn


worth of support to businesses through the pandemic, the government has also introduced the Pay as You Grow scheme to


Rishi Sunak


support businesses repaying coronavirus loans. This provides the option to pause repayments for up to six months and to extend repayment periods from six to 10 years to aid their recovery and ensure public funds are recovered.


Inclusion In Credit set to share knowledge and best practice


CCR and Arvato Financial Solutions are set to carry out in-depth research and discussion into the reality of inclusion in the credit, collections, and enforcement sector, and are looking for a diverse Oversight Board of industry professionals to oversee this work. Society has taken significant steps in terms


of its acceptance of people of all gender, sexuality, disability, colour, and creed, but, as has been highlighted by several social movements over the past couple of years, there is still some way to go. Likewise, in the credit, collections, and enforcement industry, there are a range of experiences as different individuals face different challenges. However, there has been relatively little


work done to understand the perspectives and needs of diverse communities in the industry, and, at this time of unparalleled


August 2021 Stephen Kiely, editor of CCRMagazine,


said: “With pressure coming from the Financial Conduct Authority and the continued economic fall-out from Covid – especially from a new cohort of debtors who have never even been in arrears before – the industry needs to show that it is dealing in a responsible fashion for everyone, and it needs its customer to understand that this is the case so they are comfortable and confident in engaging. “We hope this project will play a major


social change, CCR intends to change this by carrying out a major piece of work, including: a Research Project, a Round- Table Debate, and a series of Articles from new voices


www.CCRMagazine.com


part in this important effort, by sharing knowledge and best practice, so if you would be interested in guiding this work, please put your name forward.” lTo put your name forward to be part of the Inclusion In Credit 2022 Oversight Board, please email stephen@ccrmagazine.co.uk.


9


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52