Over 50 per cent of applications for the coronavirus business interruption loan scheme (CBILS) have now been approved by lenders, UK Finance figures have shown.
So far, lenders have received 62,674 completed CBILS applications for small and medium-sized enterprises (SMEs).
The finance industry trade body said 33,812 of these applications have been approved to date, while more applications are still being processed and are expected to be approved over the coming days.
This approval rate is a slight improvement from last week’s figure, which showed 47.8 per cent of loans had been approved by 28 April.
In the week from 29 April to 6 May, almost £1.4bn worth of loans were provided and the number of approved loans grew by a third, increasing by 8,550 to 33,812.
Lenders have provided over £5.5bn to SMEs through the scheme so far.
“The banking and finance industry is committed to helping viable businesses of all sizes get through these tough times,” said Stephen Jones, chief executive of UK Finance.
“Bank staff have worked tirelessly over the past week to provide businesses with the finance they need, delivering another £1.4bn of lending under CBILS, on top of over £2bn in Bounce Back Loans targeted at smaller firms and sole traders.
“This forms part of the industry’s broad package of tailored support for SMEs, with thousands of other businesses having their existing overdrafts increased, accessing new loans and asset-based finance or receiving capital repayment holidays on existing facilities.
“It’s important to remember that any financing provided under CBILS or the BBL scheme is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”
The British Business Bank approved 10 more lenders for accreditation under CBILS this week, including peer-to-peer platform Assetz Capital, bringing the total number of accredited lenders to 63.
Yesterday, statistics from the Treasury showed more than 69,000 Bounce Back Loans, equating to more than £2bn, were approved in the first 24 hours of the scheme.