PARLIAMENTARY WRITTEN QUESTION
Business: Loans (28 January 2022)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the British Business Bank's performance targets are for lenders loan recovery in coronavirus business support loan schemes.

Asked by:
Pat McFadden (Labour)

The Bounce Back Loan Scheme Guarantee Agreement and subsequent recovery principles document outline the Bank’s requirements and expectations for lenders participating in the scheme, including in terms of recoveries. The overall approach is that recoveries should be pursued in line with the lender’s existing standards for its own commercial lending. Under the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme, lenders are expected to follow their own commercial procedures.

The ongoing lender audit assurance programme assesses the performance of lenders including in relation to their recovery activities. Where issues are identified the Bank can take remedial action.

Answered by:
Paul Scully (Conservative)
4 February 2022