More than 69,000 Bounce Back Loans were approved in the first 24 hours of the scheme, the chancellor Rishi Sunak has revealed.
Sunak (pictured) said more than £2bn was approved by accredited lenders during the first day of its launch on Monday (4 May).
The seven largest lenders, Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money received more than 130,000 Bounce Back Loan Scheme applications on the first day, the Treasury said.
“Small businesses will be the driving force of our recovery from the pandemic, creating jobs and securing economic growth,” Sunak said.
“These loans will help them bounce back from this crisis – getting money fast – so it’s great to see more than 69,000 business benefiting in just the first day.
“It’s vital this speedy progress continues in the days and weeks ahead.”
Banking trade body UK Finance said lenders have been “working flat out” to process applications and get money out to eligible borrowers.
The scheme provides business loans of up to £50,000 with a 100 per cent guarantee, for small businesses.
Peer-to-peer lenders have argued that they are well placed to provide this finance and other sources of government-backed coronavirus financial support.