Over One Million UK Businesses Supported Under Covid-19 Lending Schemes
Industry News | 01/07/20
The banking and finance industry has supported more than one million businesses through the three government-backed lending schemes in just over three months, figures published by HM Treasury today have revealed.
Almost 1.02 million facilities worth £42.9 billion have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Large Business Interruption Loan Scheme (CLBILs).
The support demonstrates the significant steps taken by lenders to make sure viable businesses of all sizes have access to the support they need to get through these challenging times.
To put the one million milestone in context, in the past five years the ten largest banking groups have approved an average of 275,000 loans and overdrafts each year to UK SMEs, equivalent to 70,000 facilities every three months. The one million government-backed facilities approved over three months is around 14 times higher than this quarterly average, as lenders work hard to meet unprecedented demand for finance from SMEs.