25th September 2020

Latest COVID-19 loan schemes take-up revealed

Figures from HM Treasury reveal that UK lenders have supported over 1.3 million businesses across the country through government-backed coronavirus lending schemes.

Six months after the launch of the Coronavirus Business Interruption Loan Scheme, lenders have approved 66,600 facilities through the scheme for businesses affected by the COVID-19 pandemic.

The figures also show that Bounce Back Loans have continued to provide assistance to small enterprises, with more than 1.26 million business owners accessing loans through this scheme. In the past month 86,100 small and micro businesses have been approved for finance.

For larger businesses, £3.8bn has been approved via the Coronavirus Large Business Interruption Loan Scheme to 566 firms.

Stephen Pegge, Managing Director of Commercial Finance at UK Finance, comments “Businesses of all sizes continue to face significant challenges in the face of the pandemic, but the banking and finance industry has a clear plan to get them through these tough times.
Lenders have approved finance for over 1.3 million usinesses through government-backed loan schemes, with bank staff working incredibly hard to ensure companies can access the support they need."

UK Finance Trends(368 articles)