The banking industry has now approved £47.9bn to more than 1.1 million businesses so far through government-backed coronavirus lending schemes, according to new statistics from the Treasury.
The latest update revealed that the Bounce Back Loan Scheme (BBLS) has now provided support to 1.08 million businesses, who have received a total of £32.8bn.
Lenders have also approved £12.2bn worth of facilities to 55,700 companies adversely affected by COVID-19 through the Coronavirus Business Interruption Loan Scheme (CBILS).
For larger enterprises, the Coronavirus Large Business Interruption Loan Scheme (CBILS) has seen £2.9bn approved to 428 businesses.
UK Finance managing director of commercial finance, Stephen Pegge, commented: “As the economy begins to reopen, the banking and finance industry stands ready to support businesses through these challenging times.
“Almost £48bn has been approved to more than 1.1 million businesses through the government-backed lending schemes, helping to improve their cash flow and adapt to the new economic environment.
“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.”
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