UK Businesses Supported by COVID-19 Schemes Top 830,000, £35 Billion in Lending

HM Treasury is out with its weekly update on COVID-19 lending schemes designed to support businesses impacted by the pandemic. According to the update, over 830,000 UK businesses have provided £34.9 billion through the three major government-backed lending programs. £3.6 billion has been granted to 85,000 businesses in the past week, with more applications expected to be approved in the coming days. The credit is facilitated by both traditional financial services firms as well as Fintechs.

Under the Bounce Bank Loan Scheme (BBLS), for small and micro businesses, in the five weeks since the launch over 780,000 businesses have successfully applied – an average of 156,000 approvals by lenders each week. Small businesses have accessed £23.8 billion including £2.5 billion in the last seven days.

Under the Coronavirus Business Interruption Loan Scheme (CBILS), 48,000 businesses have received funding so far, with lenders approving £9.6 billion in total.

As of 7 June, £1.6 billion has been approved to 244 larger businesses via the Coronavirus Large Business Interruption Loan Scheme (CLBILS), with 53 firms approved this past week

Mike Conroy, Director of Commercial Finance, UK Finance, commented on the update:

“The banking and finance sector has a clear plan to help businesses of all sizes get through these challenging times. The industry acknowledges the role it must play and is providing an unprecedented level of support, with £35 billion approved to 830,000 businesses through government-backed lending schemes in less than three months. This sits alongside the broad package of measures the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment holidays. 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.”

Additional information is available from the British Business Bank.


 

Coronavirus Business Interruption Loan Scheme (CBILS)

Data up to close of business Value of Facilities Approved Number of Facilities Approved Total Number of Applications
10 May £6.09bn 35,919 64,531
17 May £7.25bn 40,564 81,124
24 May £8.15bn 43,045 84,607
31 May £8.92bn 45,843 89,724
7 June £9.56bn 47,650 93,305

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Data up to close of business Value of Facilities Approved Number of Facilities Approved Total Number of Applications
10 May £0.36bn 59 450
17 May £0.59bn 86 496
24 May £0.82bn 154 502
31 May £1.11bn 191 579
7 June £1.57bn 244 615

Bounce Back Loan Scheme (BBLS)

Data up to close of business Value of Facilities Approved Number of Facilities Approved Total Number of Applications
10 May £8.38bn 268,173 363,646
17 May £14.18bn 464,393 581,516
24 May £18.49bn 608,069 769,137
31 May £21.29bn 699,354 873,192
7 June £23.78bn 782,246 964,414
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