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20th November 2020
COVID-19 support schemes back nearly 1.5 million businesses across the UK
• HM Treasury figures published today reveal that nearly 1.5 million businesses in the UK are supported through government-backed coronavirus lending schemes.
• The Bounce Back Loan Scheme (BBLS) supports almost 1.4 million small and micro businesses affected by the pandemic - many of which now have the option of ‘topping up’ existing facilities following the Scheme extension.
• The Coronavirus Business Interruption Loan Scheme (CBILS) has backed over 77,900 businesses with financing since launching in March 2020.
• 658 larger businesses have been supported by the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
HM Treasury figures published today reveal that nearly 1.5 million businesses across the country are now supported by the UK's banking and finance industry with a total of £65.5bn in lending through government-backed Coronavirus lending schemes.
Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with over 61,000 enterprises securing loans through the scheme in the past month. These figures include businesses which have ‘topped up’ their Bounce Back Loans to the full £50,000, or a maximum of 25% of their turnover if lower, available as part of the scheme. This option was announced when the Government extended the coronavirus lending schemes.
Lenders have also approved over 77,900 facilities through the CBIL Scheme, whilst the Coronavirus Large Business Interruption Loan Scheme has allowed 658 firms to access over £4.8bn worth of support.
There are 28 lenders accredited to the BBL Scheme, with the vast majority of businesses having an existing relationship with one of these firms. 111 lenders are accredited to the CBIL scheme.
Stephen Pegge, Managing Director of Commercial Finance at UK Finance, comments “The UK’s banking and finance industry continues to back businesses across the country to get them through these challenging times.
Nearly 1.5 million businesses are already supported by a Government-backed loan scheme. Around 99% of SMEs with a business bank account are with a provider that offers Bounce Back Loans, while bank staff continue to work incredibly hard to process applications to meet high levels of demand, while carrying out necessary anti-fraud and money laundering checks on all applications.
Following the extension of the coronavirus lending schemes, SMEs can now 'top up' their Bounce Back Loan to the maximum value of £50,000, or if lower, 25% of the turnover they declared when they first applied. Businesses are encouraged to contact their lender if they wish to access these additional funds from their existing loan."
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