COVID-19 loan schemes top £70bn in financial support

A total £70.7bn has been provided by lenders to more than 1.5 million businesses through coronavirus loan schemes, new Treasury figures have revealed.

The latest government data showed that over 39,000 small enterprises have received a Bounce Back Loan over the past month, with a total of 1.47 million businesses accessing the scheme since it launched in May last year.

This total also includes the 83,173 businesses that have opted to ‘top-up’ their Bounce Back Loans to the full £50,000, or a maximum of 25% of their turnover if lower, available through the scheme.

The total value of Bounce Back Loans approved since the scheme launched last May has now reached £44.7bn.

More than 87,000 businesses have also been supported with £20.8bn through the Coronavirus Business Interruption Loan Scheme (CBILS), while the Coronavirus Large Business Interruption Loan Scheme (CLBILS) has now provided over £5.1bn in financing to 696 larger firms.

“The UK’s banking and finance industry remains committed to helping businesses of all sizes through the crisis,” commented UK Finance managing director of commercial finance, Stephen Pegge.

“Over 1.5 million businesses have now received nearly £71bn worth of support through the government-backed loan schemes, demonstrating the unprecedented level of support provided to UK enterprises by the industry.

“As economic uncertainty due to the pandemic continues, many individual businesses and some specific sectors are facing significant and extended disruption and may find themselves in financial difficulty.

“With widespread restructuring and recovery situations expected, the finance sector and related professional services are focused on providing the capacity and expertise to help support the turnaround of companies where possible, while ensuring the sympathetic treatment of those businesses which are no longer viable.”

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