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Over 1.2m Businesses Have Benefited From Coronavirus Lending Schemes

Posted 30 days ago

Over 1.2m Businesses Have Benefited From Coronavirus Lending Schemes
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More than 1.2m businesses have now received support through government-backed coronavirus lending schemes.

The latest Treasury data, as of 9 August, shows most lending has come through the bounce back loans scheme (BBL) at £34.96bn to 1.15m businesses.

Another £13.4bn has been lent to 59,520 firms under the coronavirus business interruption loans scheme (CBILS) and there has been £3.4bn lent to 497 firms through its larger counterpart.

The figures also show £526.3m of convertible loans have been approved to 565 businesses through the future fund.

“As the economic effects of the pandemic continue to develop, the UK’s banking and finance industry remains committed to helping the nation’s businesses through the crisis,” Stephen Pegge, managing director of commercial finance for banking trade body UK Finance, said.

“The government-backed loan schemes are just one part of the industry’s broader plan for helping the nation’s businesses, and operate alongside commercial lending, capital repayment holidays, extended overdrafts and invoice finance facilities.

“It is 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.”

Author: Sacha Bright & Oliver Murphy

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site.  

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