Source: UK Finance
The banking and finance industry has backed over 830,000 UK businesses through the Government’s coronavirus loan schemes.
Figures published by HM Treasury today reveal that lenders have provided £34.9 billion through the three major government-backed lending programmes. £3.6 billion has been granted to 85,000 businesses in the past week, with more applications expected to be approved in the coming days as the industry continues to help the UK get through these tough times.
Lenders are approving thousands of Bounce Bank Loans for small and micro businesses every day. In the five weeks since the launch of the scheme, over 780,000 businesses have successfully applied - an average of 156,000 approvals by lenders each week. £23.8 billion has been provided by the industry through the BBL scheme, including £2.5 billion in the last seven days.
48,000 businesses have received funding through the Coronavirus Business Interruption Loan Scheme (CBILS) so far, with lenders approving £9.6 billion in total.
As of 7 June, £1.6 billion has been approved to 244 larger businesses via the Coronavirus Large Business Interruption Loan Scheme (CLBILS), with 53 firms securing finance in the past week.
These government-backed schemes are just part of the banking and finance sector’s plan to help businesses in the UK through the coronavirus crisis. This extensive support includes working capital extensions, overdraft extensions, capital repayment holidays and asset-based finance, allowing businesses to access the support that is most appropriate to their needs.
Mike Conroy, Director of Commercial Finance, UK Finance, said:
"The banking and finance sector has a clear plan to help businesses of all sizes get through these challenging times.
"The industry acknowledges the role it must play and is providing an unprecedented level of support, with £35 billion approved to 830,000 businesses through government-backed lending schemes in less than three months.
"This sits alongside the broad package of measures the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment holidays.
"It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying."