Bounce Back Loans lending rises to £30.9bn

New government data has indicated that UK firms have received £30.93 billon worth of Bounce Back Loans to help support them following the impact of COVID-19.

The figures from the Treasury show that 1.01 million of loans have been made. Businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption Loans Scheme, 394 large businesses have benefitted from £2.58 billion via the Coronavirus Large Business Interruption Loan Scheme, and over £379 million has been invested in 376 companies through the Future Fund.

Small companies across the country have accessed loans of up to £50,000 to help them through the pandemic, reaching businesses within days- providing immediate support to those that need it as easily as possible.

Chancellor Rishi Sunak said “Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis.”

“We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff.”

“I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small business as they reopen their doors in the weeks ahead.”

Business Secretary Alok Sharma said “We promised to stand behind small businesses to get through this crisis – and we’ve done just that.”

“As we get Britain’s economic engines firing again, we will not only support businesses to get back on their feet, but also do all we can to level up the economy across every part of our country.”

The Bounce Back Loan scheme is one part of the government’s package of business support that includes: £27.4 billion to pay the wages of furloughed staff at 1.1 million firms, over 860,000 business properties benefiting from £10.5 billion of business grants,  VAT deferrals and scrapping businesses rates.

Responding to the new HM Treasury figures Managing Director of Commercial Finance at UK Finance, Stephen Pegge, said “The banking and finance industry is continuing to deliver on our plan to help businesses of all sizes get through these challenging times.”

“Just over two months since it was launched, the Bounce Back Loan scheme has now backed over one million businesses with £30.9 billion worth of lending. Across all the Covid-19 schemes, £45 billion has now gone towards supporting businesses thanks to the tireless efforts of staff working on the ground.”

“Today’s figures represent part of an unparalleled package of support from the industry which includes commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.”