More than 32,000 businesses have received loans totalling over £1bn from Lloyds Banking Group under the Government’s Bounce Back Loan Scheme.

Lloyds suggested the payments made to customers’ accounts today related to applications received yesterday, which was the first day of the new scheme, and the bank added it had been issuing average loan amounts of over £30,000.

Last week, the Treasury said its new scheme will be delivered by lenders accredited by the British Business Bank to target small and micro businesses in all sectors, providing loans from £2,000 up to 25% of the business’ turnover, with a maximum loan value of £50,000.

Lloyds managing director of business banking, Gareth Oakley, commented: “We’re proud to play our part in supporting the lifeblood of the British economy at this crucial time. More than 32,000 of our small business customers applied for a bounce back loan on Monday and received the money on Tuesday.

“We’ve lent over £1bn so far through this scheme and as more businesses apply, that will grow in the coming days.

“Lending through the Bounce Back Loan Scheme is just one way we’re supporting our business customers impacted by Covid-19. Over 14,000 businesses have had their overdrafts extended and we’ve granted over 25,000 capital repayment holidays since the pandemic began.”

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