Reuters reported in December that only 10 of 23 lenders that have granted ‘bounce back’ loans had at the time joined the body, with most smaller ones opting out believing it did not offer value for money.
Major banks have been toiling for months to set up a co-ordinated system for collecting unpaid BBLs, once the 45 billion pounds of state-backed funds granted to small businesses with limited checks come up for repayment from May. The source said HSBC had decided to set up its own system as it wanted to closely manage any commercial and reputational risks in-house rather than fully outsource the work.
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