"These loans will help them bounce back from this crisis - getting money fast - so it’s great to see more than 69,000 business benefitting in just the first day."
More than 69,000 Bounce Back Loans worth over £2 billion have been approved during the first 24 hours of the scheme, the Chancellor has announced.
The new fast-track finance scheme provides loans of up to £50,000 with a 100% government-backed guarantee for lenders.
The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received more than 130,000 Bounce Back Loan Scheme applications on the first day of the scheme on Monday. Over 69,000 of these were approved on the first day.
Chancellor Rishi Sunak said: "Small businesses will be the driving force of our recovery from the pandemic, creating jobs and securing economic growth.
"These loans will help them bounce back from this crisis - getting money fast - so it’s great to see more than 69,000 business benefitting in just the first day. It’s vital this speedy progress continues in the days and weeks ahead."