£40bn provided to 972,000 businesses through COVID support
More than 972,000 businesses have been provided with a total of £40.7bn through government-backed COVID support schemes, according to figures from HM Treasury.
Lenders have provided finance to over 50,000 businesses through the Coronavirus Business Interruption Loan Scheme (CBILS) since its launch.
The amount provided through CBILS totals £10.5bn, and the number of approved lenders has reached almost 90.
Through the Bounce Back Loan scheme (BBL), 920,000 business owners have accessed £28bn billion worth of loans.
For 315 larger businesses, £2.1bn has been approved via the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Stephen Pegge, managing director of commercial finance at UK Finance, said: “Since the beginning of the crisis the banking and finance industry’s core focus has been implementing a plan to help businesses through this difficult time.
“Across all the government-backed schemes, lenders have now provided over 970,000 business with £40bn in finance.
“Three months on from the launch of the first support measure, [CBILS] has helped 50,000 UK businesses to get access to the finance they need.
“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.”