1.3 million businesses now supported by coronavirus lending schemes

Lenders have now supported more than 1.3 million businesses across the UK through government-backed coronavirus lending schemes, new Treasury figures have revealed.

In six months since the launch of the Government’s Coronavirus Business Interruption Loan Scheme, figures showed that lenders have approved 66,600 facilities through the scheme for businesses affected by the COVID-19 pandemic.

The statistics also revealed that Bounce Back Loans have continued to provide support for smaller enterprises, with more than 1.26 million business owners accessing loans through this scheme. This includes 86,100 small and micro businesses that have been approved for finance in the past month.

Another £3.8bn has also now been approved via the Coronavirus Large Business Interruption Loan Scheme to 566 larger firms.

“Businesses of all sizes continue to face significant challenges in the face of the pandemic, but the banking and finance industry has a clear plan to get them through these tough times,” commented UK Finance managing director of commercial finance, Stephen Pegge.

“Lenders have approved finance for over 1.3 million businesses through government-backed loan schemes, with bank staff working incredibly hard to ensure companies can access the support they need.

“These schemes are just one part of a wide package of measures from the industry, including commercial lending, capital repayment holidays, extended overdrafts and invoice finance facilities.

“It is 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 completing an application.”

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