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Over £13bn Provided to Businesses Through CBILS

Posted 3 months ago

Over £13bn Provided to Businesses Through CBILS
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Over £13bn has been provided through the Coronavirus Business Interruption Loan scheme so far, according to the latest figures from the Treasury. 

Nearly 59,000 small and medium-sized businesses affected by the economic impact of Covid-19 have benefitted from CBILS, while 480 larger businesses have received support through the Coronavirus Large Business Interruption Loan Scheme (CLBILS). 

As well as this, more than 1.13 million small and micro businesses have benefited from support through the 100 percent government-backed Bounce Back Loan Scheme, which provides loans of up to £50,000 to businesses that can demonstrate they have seen a drop in revenue as a result of the pandemic. 

British Business Bank accredited lenders, which include four peer-to-peers lending platforms, have supported just under 1.2 million businesses through the government’s emergency loan schemes. 

According to UK Finance, the government-backed loan schemes are part of the banking and finance sector’s plan to help businesses in the UK through the coronavirus crisis. Research from UK Finance found that funds delivered through CBILS and BBLS is reaching those businesses who need it most, with 58 percent of businesses who have secured funding from the two schemes saying they have less than three months in cash reserves, compared to an average of 39 per cent across all businesses

Over three quarters (78 per cent) of business owners who have received a government-backed loan have done or are planning to put some of their personal finances into their business, whilst across all businesses 39 per cent of owners have already done so or are planning to use their own funds.

Author: Sacha Bright & Oliver Murphy

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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. 

Tagged: sme business raising finance entrepreneur cbils news alternative finance



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