830,000 businesses backed by COVID-19 Govt schemes

The banking and finance industry has now backed more than 830,000 UK businesses through the Government’s coronavirus loan schemes, according to new figures published by the Treasury.

The latest totals showed that lenders have provided £34.9bn through the three major government-backed lending programmes. This includes £3.6bn granted to 85,000 businesses in the past week, with more applications expected to be approved in the coming days.

UK Finance suggested lenders are approving thousands of bounce bank loans for small and micro businesses every day and that in the five weeks since the launch of the Bounce Back Loan Scheme (BBLS), more than 780,000 businesses have successfully applied, with £23.8bn provided by the industry through the BBLS – including £2.5bn in the last seven days.

Another 48,000 businesses have received funding through the Coronavirus Business Interruption Loan Scheme (CBILS) so far, with lenders approving £9.6bn in total.

As of 7 June, £1.6bn has been approved to 244 larger businesses via the Coronavirus Large Business Interruption Loan Scheme (CLBILS), with 53 firms securing finance in the past week.

UK Finance director of commercial finance, Mike Conroy, said: “The banking and finance sector has a clear plan to help businesses of all sizes get through these challenging times. The industry acknowledges the role it must play and is providing an unprecedented level of support, with £35bn approved to 830,000 businesses through government-backed lending schemes in less than three months.

“This sits alongside the broad package of measures the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment holidays. 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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