The Treasury has told a new bank customer complaints body to prepare for an influx of grievances over government-backed Covid loans. But its chair, Lewis Shand Smith, said the unprecedented surge in business lending during the pandemic – starting with the state-guaranteed coronavirus business interruption loan scheme (CBILS) – had forced it to shift focus. […] Loan guarantees for business Government to back £330bn of loans to support businesses through a Bank of England scheme for big firms. There are loans of up to £5m with no interest for six months for smaller companies. […] Its services will be open to businesses with an annual turnover of between £6.5m and £10m whose claims cannot be handled by the Financial Ombudsman Service, which will be the first port of call for SMEs who applied to the smaller bounce-back loans scheme.
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