1.17 million businesses backed during pandemic

More than 1.17 million businesses in the UK have now received finance from lenders through the government-backed coronavirus lending schemes, new Treasury figures have revealed.

The latest figures show the banking industry has provided over 1.1 million small and micro businesses with £33.7bn through the Bounce Back Loan Scheme.

The Coronavirus Business Interruption Loan Scheme has also now reached more than 57,000 businesses with £12.7bn worth of finance and facilities.

For larger businesses, the Coronavirus Large Business Interruption Scheme has now provided 457 businesses with support to get them through the crisis.

UK Finance managing director of commercial finance, Stephen Pegge, commented: “As the COVID-19 crisis continues, the banking and finance industry is committed to helping the nation's businesses through these tough times.

“Today's figures demonstrate the unprecedented levels of support provided by the industry and are testament to the hard work of staff on the ground.

“This support is just one part of the industry’s wider plan to help businesses in the UK, including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance. 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.”

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