Lenders provide over £4 Billion to SMEs through Covid-19 loan scheme

Industry News | 30/04/20

The banking and finance sector has provided over £4.1 billion to SMEs so far through the Coronavirus Business Interruption Loan (CBIL) scheme, as part of a broad package of support to help businesses through these tough times.Over £1.33 billion of loans have been approved in the week from 21 April to 28 April 2020. The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, a rise of over 50 per cent. The banking and finance sector is providing a range of support to SMEs to ensure they can receive the help most appropriate to their needs, including capital repayment holidays, overdrafts, working capital extensions and asset-based finance.

Source: UK Finance