Over 1.4 million business supported through covid-19 lending schemes

Industry News | 22/10/20

Figures from HM Treasury reveal that the UK’s banking and finance industry has supported over 1.4 million businesses across the country through government-backed Coronavirus lending schemes.

Lenders have approved over 73,000 facilities through the CBIL scheme and over 1.3 million business owners have benefited from the Bounce Back Loan scheme. For larger businesses, £4.57 billion has now been approved via the Coronavirus Large Business Interruption Loan Scheme to 623 firms. Government-backed loans are just one part of the industry’s plan to support businesses of all sizes and sectors. Lenders have a wide range of additional measures available, including working capital extensions, overdraft extensions and capital repayment holidays.