Sole traders face being named if they took out Covid-19 loan

Thousands of sole traders who took out a Covid-19 loan could have their names revealed if a pressure group wins an appeal next week.

by | 27 Nov, 2022

An appeal tribunal could agree with anti-corruption campaigners Spotlight on Corruption that the British Business Bank, which oversaw £47bn worth of Covid loans being given to small businesses, must reveal the names of some or all or the 1.7m businesses which borrowed money.

Spotlight on Corruption is pushing for the BBB to comply with a freedom of information request it lodged two years ago. But the bank rejected the request – a decision which was upheld by regulator the Information Commissioner’s Office (ICO).

The fear is that many of those who took out Covid-19 Bounce Back Loans were sole traders, and that publicly naming them could make them easy pray for fraudsters.

Not only that but small businesses that helped themselves to Government-backed Covid-19 loan support never agreed to have their names revealed at the time – a clear conflict between freedom of information and confidentiality rules, one banker told the Financial Times.

Read more at smallbusiness.co.uk

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