"Lenders are providing an unprecedented level of support to firms affected by the Covid-19 crisis, with £27.5 billion being approved to over 650,000 businesses"
In the past week, more than £5.4 billion in lending has been provided to over 146,000 firms through the Covid-19 lending schemes.
The Bounce Back Loan scheme - aimed at sole traders and micro businesses - has seen £18.45 billion provided by lenders. £4.3 billion has been approved in the last week, an average of £615 million each day. The number of loans agreed through the scheme increased by over 143,000 to 608,000.
The industry has supported 43,000 businesses through the Coronavirus Business Interruption Loan Scheme (CBILS) with £8.2 billion in lending. 154 larger firms have received finance via the large lending scheme, totaling £820 million. Across the two schemes this is an increase of £1.1 billion over the past week.
Stephen Jones, chief executive of UK Finance, said: “The banking and finance industry has a clear plan to help businesses get through these tough times.
“Lenders are providing an unprecedented level of support to firms affected by the Covid-19 crisis, with £27.5 billion being approved to over 650,000 businesses through government-backed lending schemes so far, and a further £20.5 billion drawn under bank arranged commercial paper facilities.
“Businesses can also access a wide package of support measures as part of the industry’s plan, including extended overdrafts, capital repayment holidays and asset-based finance.
“It’s 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 applying.”
