Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem.
Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country through government-backed coronavirus lending schemes. £15.5 billion of financing has so far been approved through the Coronavirus Business Interruption Loan Scheme, £3.8 billion through the Coronavirus Large Business Interruption Loan Scheme, and over 1.26 million small and micro businesses have been supported through the Bounce Back Loan Scheme.
Government-backed loans are just one part of the industry’s plan to support businesses of all sizes and from all sectors. Lenders also have a wide range of additional measures available, including working capital extensions, overdraft extensions and capital repayment holidays, ensuring businesses can access the right support that suits their needs.
Commenting on the figures Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said “Businesses of all sizes continue to face significant challenges in the face of the pandemic, but the banking and finance industry has a clear plan to get them through these tough times.”
“Lenders have approved finance for over 1.33 million businesses through government-backed loan schemes, with bank staff working incredibly hard to ensure companies can access the support they need.”
“These schemes are just one part of a wide package of measures from the industry, including commercial lending, capital repayment holidays, extended overdrafts and invoice finance facilities.”
“It is 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 completing an application.”