1.13 million businesses receive Bounce Back Loans

More than 1.13 million small and micro businesses have now been backed by the UK’s banking industry through the Bounce Back Loan Scheme (BBLS), according to new Treasury figures.

On the three-month anniversary of its launch, figures showed that lenders have approved an average of 87,000 new Bounce Back Loans per week.

The latest numbers from the Treasury also showed that the Coronavirus Business Interruption Loan Scheme (CBILS) has now supported 58,600 businesses with over £13bn worth of finance and facilities.

Lenders have also backed 480 larger businesses through the Coronavirus Large Business Interruption Scheme (CLBILS), as they look to secure their long-term future beyond the pandemic.

UK Finance managing director of commercial finance, Stephen Pegge, suggested the banking and finance industry “remains committed” to supporting UK businesses through the coronavirus crisis.

“Over the past three months, 26 lenders have thrown their support behind the BBLS by lending to over 1.13 million small and micro enterprises, highlighting the importance of the scheme to the small business community in these challenging times,” he said.

“Bounce Back Loans are just one aspect of the sector’s support package for the UK economy, alongside other measures including capital repayment holidays, extended overdrafts and invoice finance facilities. This support is designed to ensure businesses are able to navigate the coming months, but diverse sources of finance will be needed to help them prosper in the future.

“It remains 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.”

    Share Story:

Recent Stories


Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.

An outlook on the BTL market
MoneyAge Editor, Adam Cadle, talks to Landbay senior regional account manager, Alex Witham, about current market sentiment within the BTL space and Landbay’s success in this area

Empowering advisers: A decade of education in Later Life Lending with Air Academy
Michael Griffiths is joined by chairman of Air Club and former founder and CEO of Air, Stuart Wilson, and head of the Air Academy, Daniel Holden, to look back on a decade of business focused learning at the Air Academy.


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.