UK firms benefit from £79bn worth of COVID-19 loans

Businesses across the UK have benefitted from 1,670,939 government-guaranteed loans worth £79.3bn, new government statistics have revealed.

These loans helped support their cashflow during the COVID-19 crisis through schemes delivered by the British Business Bank.

This includes 1,560,309 loans worth £47.36bn through the Bounce Back Loan Scheme (BBLS), 109,877 loans worth £26.39bn through the Coronavirus Business Interruption Loan Scheme (CBILS), and 753 loans worth £5.56bn through the Coronavirus Large Business Interruption Loan Scheme (CLBILS). The three schemes all closed on 31 March 2021.

New data also published by the British Business Bank revealed the detailed regional and sectoral distribution of loans under the CBILS and bounce back loans under the BBLS. This data shows that the proportion of overall loans in each of the nine English regions and three Devolved Nations has closely matched their respective share of the UK business population.

The North West reported the largest usage of the CBILS and BBLS (11%) outside London and the South East (34%), ahead of the East of England (10%).

British Business Bank CEO, Catherine Lewis La Torre, said: “The COVID-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cash-flow concerns for many.

“We’re pleased to see evidence that they have helped smaller businesses right across the UK and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”

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