The Chancellor Rishi Sunak is being urged to improve the transparency of lending data on the coronavirus business interruption loan scheme (CBILS).
Business finance specialist Rangewell has written to Sunak claiming that the figures should be independently monitored to ensure it is reaching businesses across all sectors.
The letter suggests real-time information on CBILS should be released weekly by the British Business Bank and would allow government departments, banks, other lenders, trade associations, local authorities and others to monitor which business sectors and regions may need more bespoke support.
Rangewell warns lenders are trapped between having to follow government guidelines and normal responsible lending practices.
It said data should show the number and value of applications, approvals, loans distributed and reasons for rejection.
“Facts and figures are needed weekly – not months after the fact,” Nic Conner, head of research for Rangewell, said.
‘Those who work with and support small businesses need to have clarity as to what is actually happening.
“The Treasury needs to mandate The British Business Bank to be releasing this critical information weekly via Open Data immediately.”