1.13 million businesses receive Bounce Back Loans

More than 1.13 million small and micro businesses have now been backed by the UK’s banking industry through the Bounce Back Loan Scheme (BBLS), according to new Treasury figures.

On the three-month anniversary of its launch, figures showed that lenders have approved an average of 87,000 new Bounce Back Loans per week.

The latest numbers from the Treasury also showed that the Coronavirus Business Interruption Loan Scheme (CBILS) has now supported 58,600 businesses with over £13bn worth of finance and facilities.

Lenders have also backed 480 larger businesses through the Coronavirus Large Business Interruption Scheme (CLBILS), as they look to secure their long-term future beyond the pandemic.

UK Finance managing director of commercial finance, Stephen Pegge, suggested the banking and finance industry “remains committed” to supporting UK businesses through the coronavirus crisis.

“Over the past three months, 26 lenders have thrown their support behind the BBLS by lending to over 1.13 million small and micro enterprises, highlighting the importance of the scheme to the small business community in these challenging times,” he said.

“Bounce Back Loans are just one aspect of the sector’s support package for the UK economy, alongside other measures including capital repayment holidays, extended overdrafts and invoice finance facilities. This support is designed to ensure businesses are able to navigate the coming months, but diverse sources of finance will be needed to help them prosper in the future.

“It remains 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.”

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