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Chamber boss warns over business survival

The Black Country Chamber of Commerce chief executive has warned that many struggling businesses in the region may not survive the next few weeks.

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Chief executive of the Black Country Chamber of Commerce Corin Crane

Corin Crane spoke out after results from the second British Chambers of Commerce Coronavirus Business Impact Tracker revealed that most businesses have not yet successfully accessed the Government’s Coronavirus Business Interruption Loan Scheme and the grants for small businesses.

"It is vital that businesses of all sizes get quicker access to help, but many of them are struggling, and many won’t survive the next few weeks if they don’t get access to the cash more quickly. Funding is vital to their survival.

“Improvements to the Coronavirus Business Interruption Loan scheme were welcomed by businesses but we have to ensure those businesses who urgently need assistance get that assistance right away," he said.

The tracker found that nationally just one per cent of firms had successfully accessed CBILS and seven per cent are receiving grants.

Also 57 per cent of firms have three months cash in reserve or less and six per cent of respondents have already run out of cash.

The survey saw 37 per cent say they were planning to furlough between 75 to 100 per cent of their workforce over the next week

The weekly tracker poll serves as a barometer of pandemic’s impact on businesses and the effectiveness of government support measures. It received more than 1,000 responses between April 1 and 3 and followed further announcements made by the Government to strengthen CBILS and expand support to mid-sized firms.

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