New figures have revealed that over 1.17 million businesses in the UK have received finance from lenders through the government-backed coronavirus lending scheme.
The banking and finance industry has now provided over 1.1 million small and micro businesses with £33.7 billion through the Bounce Back Loan Scheme (BBLS).
The Coronavirus Business Interruption Loan Scheme (CBILS) has had continued success, now reaching over 57,000 businesses with £12.7 billion worth of finance and facilities.
Meanwhile, for larger businesses, the Coronavirus Large Business Interruption Scheme (CLBILS) has now provided 457 businesses with the support they need to get them through these challenging times.
Responding to the latest HM Treasury figures on Covid-19 support for businesses, Managing Director of Commercial Finance at UK Finance, Stephen Pegge, said “As the Covid-19 crisis continues, the banking and finance industry is committed to helping the nation’s businesses through these tough times. ”
“Today’s figures demonstrate the unprecedented levels of support provided by the industry and are testament to the hard work of staff on the ground. More than £49 billion has been approved so far to almost 1.2 million businesses of all sizes through the government-backed lending schemes.”
“This support is just one part of the industry’s wider plan to help businesses in the UK, including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.”
“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.”