Lenders have delivered more than £49bn to almost 1.2 million businesses through the government’s emergency loan schemes, new figures from the Treasury have revealed.
The banking and finance industry has provided 57,000 businesses with £12.7bn through the coronavirus business interruption loan scheme and £33.7bn to more than 1.1 million small and micro businesses through the bounce back loan scheme.
Furthermore, British Business Bank accredited lenders have provided support to 457 large businesses through the coronavirus large business interruption scheme.
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“As the Covid-19 crisis continues, the banking and finance industry is committed to helping the nation’s businesses through these tough times,” said Stephen Pegge, managing director of commercial finance at UK Finance.
“Today’s figures demonstrate the unprecedented levels of support provided by the industry and are testament to the hard work of staff on the ground.
“More than £49bn has been approved so far to almost 1.2 million businesses of all sizes through the government-backed lending schemes.
“This support is just one part of the industry’s wider plan to help businesses in the UK, including commercial lending, capital repayment holidays, extended overdrafts 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.”