A Cumbria law firm has set up a rapid response team to help businesses secure emergency loans quickly.

Harrison Drury, which has an office in Kendal, formed the dedicated team after reports that some businesses were unable to access loans from the government’s Coronavirus Business Interruption Loan Scheme quickly enough.

The rapid response team is headed up by head of corporate David Filmer and includes members of its corporate and property teams.

John Chesworth, executive chairman of Harrison Drury, said: “The scheme has the potential to provide a lifeline for many businesses, but even after a loan application has been approved, an obstacle can be presented getting through the legalities of advice on the loan documents and completing any security the bank may require.

"In some circumstances this can take many weeks.

“We welcome the Government’s intervention that will make it easier for the banks to provide these loans.

"We already have strong relationships with the banks and the other funders approved to provide loans under the scheme and other channels.

“We can help businesses streamline the legal formalities associated with the loan process."

The business interruption loan scheme is aimed at SMEs, providing access to finance facilities of up to £5 million for six years.

In response to reports some businesses were initially finding difficult to access loans under the scheme, Chancellor Rishi Sunak has announced a number of changes.

In the revamped scheme, personal guarantees cannot be taken for any facilities below £250,000 and insufficient security is no longer a condition to access funding.