Banks have given vital coronavirus crisis loans to just 5,000 small British businesses during the coronavirus crisis.

Of 300,000 enquiries about the Government's Coronavirus Business Interruption Loan Scheme (CIBLS), fewer than one in 60 resulted in cash handouts.

The scheme - announced by Chancellor Rishi Sunak last month - encourages banks to lend to struggling small businesses as the government will cover 80 per cent of the amount.

Only 5,000 small British businesses have been able to get hold of emergency loans to keep them ticking over during the coronavirus crisis. Chancellor Rishi Sunak announced the scheme last month

Smaller firms can apply for grants of up to £25,000.

There are 5.8 million small businesses in Britain and it is feared that many will not survive the coronavirus crisis without the help, The Sunday Times reports.

But a complex application process and slow replies from banks is holding certain firms back from accessing the funds promised, a British Chamber of Commerce poll found this week.

Addressing concerns that a small number of applications for business support had been processed, business secretary Alok Sharma said he had held conversations with lenders to speed up loan payouts

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Addressing concerns that a small number of applications for business support had been processed, business secretary Alok Sharma said he had held conversations with lenders to speed up loan payouts.

Speaking to Sky News, he said: 'I have spent the last couple of days talking directly to some of the largest lenders who are part of this scheme.

'I am very clear to say to them, we need to get money out of the door as soon as possible and they understand that and banks know on this occasion why they have to be part of the solution and they want to be part of the solution.'

Mr Sharma said £800 million had been paid out as part of 4,200 loans under the coronavirus business support measures.

Asked whether he was worried, the Business Secretary said: 'Well, of course.

'It is not just a question of me being worried - I completely understand the concerns that businesses have.'

Just 1 per cent of firms in the UK have successfully accessed the grant, a British Chamber of Commerce poll found.

A total of 8 per cent of the companies that responded had been unsuccessful in their applications.

According to the survey, 7 per cent of respondents are receiving grants.

But 14 per cent had been unsuccessful in trying to get grants.

Most of these, 83 per cent, said they had not met the criteria, 14 per cent said that the response from authorities was too slow, or did not come at all.

Earlier this month it was revealed that Britain's 'greedy' banks were 'taking advantage' of the crisis and offering interest rates of between seven and 30 per cent on emergency loans - even though the current UK base rate is now at 0.1 per cent.

Irate business owners claim they are being 'stitched up' and one told MailOnline today: 'Banks being the gate keepers of this scheme is like putting Dracula in charge of the blood bank'.

A complex application process and slow replies from banks is holding certain firms back from accessing the funds promised. Pictured: Her Majesty's Treasury

Another fearing for his future said: 'Britain's banks are an absolute disgrace. I contacted them over nine days ago without any reply'.

HSBC, Barclays, NatWest, Lloyds and Santander have all been named and shamed by customers as all the UK's banks were under pressure to deny their bosses their eye-wateringly high bonuses at a time of national emergency.

They have already been pressured into scrapping £9billion in shareholder dividends and are being urged to use the cash to support struggling businesses instead.