More than 32,000 businesses have received loans totalling over £1bn from Lloyds Banking Group under the Government’s Bounce Back Loan Scheme.
Lloyds suggested the payments made to customers’ accounts today related to applications received yesterday, which was the first day of the new scheme, and the bank added it had been issuing average loan amounts of over £30,000.
Last week, the Treasury said its new scheme will be delivered by lenders accredited by the British Business Bank to target small and micro businesses in all sectors, providing loans from £2,000 up to 25% of the business’ turnover, with a maximum loan value of £50,000.
Lloyds managing director of business banking, Gareth Oakley, commented: “We’re proud to play our part in supporting the lifeblood of the British economy at this crucial time. More than 32,000 of our small business customers applied for a bounce back loan on Monday and received the money on Tuesday.
“We’ve lent over £1bn so far through this scheme and as more businesses apply, that will grow in the coming days.
“Lending through the Bounce Back Loan Scheme is just one way we’re supporting our business customers impacted by Covid-19. Over 14,000 businesses have had their overdrafts extended and we’ve granted over 25,000 capital repayment holidays since the pandemic began.”
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories