This week’s update on COVID-19 support schemes indicates that over 1.1. million UK businesses have been approved to receive £46 billion.
The numbers breakdown as follows:
- Approximately 1.05 million smaller firms have received a total of £31.7 billion through the Bounce Back Loan Scheme, an increase of £770 million over the past week.
- Lenders have provided £11.9 billion worth of facilities to 54,500 companies through the Coronavirus Business Interruption Loan Scheme (CBILS). For larger enterprises, the industry has approved £2.7 billion through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) to more than 400 businesses.
- The Future Fund, a convertible debt program for early-stage firms, has now approved 429 convertible loans representing just over £419 million.
Both Fintechs and traditional financial services firms are facilitating the various schemes.
Managing Director of Commercial Finance at UK Finance, Stephen Pegge, commented on the update:
“This significant level of support demonstrates the clear commitment from the banking and finance industry to help businesses get through these tough times. More than 1.1 million businesses large and small have received £46.3 billion worth of support through the government-backed lending schemes. This sits alongside the broad package of measures from the industry including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance, ensuring that businesses can receive the right support that suits their needs.”