£2.8bn provided to SMEs from banking sector

The banking and finance sector has provided more than £2.8bn of lending to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), as part of a broad package of support for UK businesses, according to the latest data published by UK Finance.

The latest figure means the total lending under CBILS has doubled in the week from 14 April to 21 April, with an increase of £1.45 billion.

UK Finance announced more than 9,000 loans have been provided in the same period, with the total number approved increasing by almost 120% to more than 16,600.

Lenders have received more than 36,000 completed applications so far – 16,624 of these applications have been approved to date – while others are still being processed and may be approved in the coming days.

UK Finance chief executive, Stephen Jones, said: “The banking and finance sector understands the critical role we have in helping businesses through these tough times.

“This lending forms part of a broad package of support provided to SMEs including additional loans, capital repayment holidays, extended overdrafts and asset-based finance.

“We know businesses want to look after their most important resource – their people – and so lenders are offering additional support to firms awaiting grants from the Coronavirus Job Retention Scheme.

“We stand ready to support many more businesses in the weeks ahead, and will continue to work closely with the government to ensure businesses can access the support they need.”

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