1 million businesses supported through Govt lending schemes

The banking industry has now supported more than one million businesses through the three government-backed lending schemes in just over three months, according to latest figures published by the Treasury.

Around 1.02 million facilities worth £42.9bn have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS).

UK Finance highlighted that in the past five years, the ten largest banking groups have approved an average of 275,000 loans and overdrafts each year to UK SMEs, equivalent to 70,000 facilities every three months. The banking body also stated that the one million government-backed facilities approved over three months is around 14 times higher than this quarterly average.

A total £29.5bn has been approved in Bounce Back Loans so far, reaching 967,000 businesses. Just over 46,000 businesses have been provided finance this week worth £1.4bn.

In just over three months since it was introduced, the banking and finance industry has approved 52,000 facilities through the CBILS, totalling £11.1bn. The figures also revealed that the CLBILS, designed for the UK’s larger businesses, has seen 359 firms receive £2.3bn over the period.

UK Finance managing director of commercial finance, Stephen Pegge, commented: “These figures shine a light on the unprecedented levels of support from lenders to help get businesses through these challenging times.

“The fact that over one million businesses are receiving support through the coronavirus loan schemes is a credit to bank staff up and down the country who have worked tirelessly to get finance to those who need it.

“Almost £43bn has now been approved through these schemes, in addition to the industry’s broad package of support for businesses including overdraft extensions and capital repayment deferrals.

“Businesses should remember that any lending provided under government-backed schemes is a debt not a grant, and so should carefully consider their ability to repay before applying.”

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