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Given how little cash small businesses tend to keep in reserve, the speed at which banks are able to dispense government-backed emergency loans will be vital to an economy’s ability to weather Covid-19 lockdowns. In France banks are confident that they have moved more quickly than peers in the other big European economies, including Germany.
By mid-April, according to France’s state development bank, BPI, the banks had pre-approved 150,000 applications for government-guaranteed loans.
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