More than £38bn has now been distributed to UK businesses via government-backed lending schemes such as the Coronavirus Business Interruption Loan Scheme (CBILS).
New figures from HM Treasury have shown that 910,000 businesses have benefitted from a total of £38.2bn, delivered through one of the three state-backed loan schemes: CBILS, Bounce Back Loans, and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
In the past week alone, £3.3bn was approved in loans to 83,000 businesses, with more applications expected to be approved in the coming days.
Bounce Back Loans still appear to be the most popular form of finance for small- and medium-sized enterprises (SMEs), with 860,000 loans approved within just six weeks – an average of 140,000 approvals per week.
Furthermore, UK Finance research has found that almost 90 per cent of SMEs have had their loan applications approved where a final decision has been made.
“Businesses of all sizes are facing unprecedented challenges in the face of the pandemic, but the banking and finance industry has a clear plan to get them through,” said Stephen Jones, chief executive of UK Finance.
“Lenders have provided over 910,000 businesses with £38bn through the government-backed lending schemes to date, with tens of thousands of approvals every day, ensuring financial support reaches those firms who need it most.
“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.”