Fifth of SME's at risk

Fifth of SMEs at risk despite aid package Some 20% of UK SMEs are unlikely to receive the funding required to see them through the next four weeks, research from the Corporate Finance Network group of accountants claims, with between 800,000 and 1m firms at risk of going bankrupt. While Chancellor Rishi Sunak said a fortnight ago that firms would be able to discuss Coronavirus Business Interruption Loans (CBILs) of up to £5m with banks, thousands of companies have reported difficulties in contacting lenders or being told they are ineligible for the scheme. Kirsty McGregor, founder of the Corporate Finance Network, has warned that the UK could lose up to a million SMEs within the next month, saying this will be irreversible and “catastrophic” for the economy. Business Secretary Alok Sharma has said it is "unacceptable" for banks to refuse small businesses emergency coronavirus loans and said the financial sector should be doing "everything they can" to help companies.