Emergency government support schemes have channelled over £22bn to 505,043 businesses, new data has revealed.
This is a rise from £14bn to 300,000 firms last week.
Figures from the Treasury showed in the past week alone, lenders have provided over £7bn to businesses through the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Since its launch on 4 May, lenders have provided £14.18bn through BBLS rising by £5.8bn in the past week. The number of loans approved has increased by over two-thirds (73 per cent) to 464,393.
Meanwhile, £7.25bn has been approved in CBILS loans to 40,564 businesses.
The number of mid-sized and larger businesses which have received financial support through CLBILS increased to 86, with total lending of £590m.
“The banking and finance industry is committed to helping businesses get through these tough times, with over £22bn of lending provided to almost half a million businesses through government-backed schemes so far and a further £18.8bn drawn under bank arranged commercial paper facilities,” said Stephen Jones, chief executive of UK Finance.
“Banks stand ready to support businesses large and small, and the changes announced by HM Treasury means firms can access loans from £2,000 to £200m through the coronavirus loan schemes.
“These are just one part of a range of measures from the industry available to businesses including extended overdrafts, capital repayment holidays and asset-based finance.
“It’s 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.”
Businesses can now access finance through CBILS from nearly 70 providers and BBLS from 17 lenders.
However, only two peer-to-peer lenders are among the accredited firms, Funding Circle and Assetz Capital, with others still awaiting the outcome of their applications.