PGI applications double as lenders pull back from emergency loans

Following reports that many financial institutions have cut access to the state-backed loans, even though the scheme has been extended until the end of next November, Purbeck Insurance Services, has seen applications for Personal Guarantee Insurance for new business loans, double in the space of three weeks in September. This sudden increase in demand is a clear indication that small businesses are increasingly looking outside of the Government loan schemes for funding.

Purbeck is urging UK Government to do more now to protect small businesses from the scourge of late payment as it fears reduced access to emergency funding is going to lead to unprecedented levels of late payment and bad debt.

Source Purbeck Insurance Services, Press Release