Bosses at Rangewell claim there is no way to independently monitor the success, or failure, of the CBIL scheme.

The firm is calling for real-time weekly reporting of facts and figures about the scheme.

In a statement, Rangewell said: “Rapid testing and real-time data is the key to reacting to the coronavirus pandemic. This is just as true when monitoring its economic effects.

“Real-time information on CBILS will allow Government departments, banks, other lenders, trade associations, local authorities and others to monitor which business sectors and regions may need more bespoke support.”

The letter to Mr Sunak says: “It is difficult to tell how diverse the lending is to date - our sense is that some regions may not be getting a fair share of the scheme’s proceeds.

“We also remain worried that many business sectors are not able to access the CBIL Scheme.

“Bank lending has never been suitable for all business sectors - the sooner we have clarity on sectors that need additional help the quicker The Treasury can spot weaknesses and react quickly.”

A Government spokesperson said: “We have been taking unprecedented action at unprecedented speed to support businesses, jobs and our economy during this crisis.

“We’ve worked hard to be transparent at every juncture while we get these schemes up and running, and we are committed to keeping the public updated on our work and ensuring information is shared as promptly and frequently as possible.”

UK Finance is publishing weekly data updates on the CBILS scheme.

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We need independent monitoring of Coronavirus Business Interruption Loan Scheme, says firm