The UK COVID-19 support programs continue to expand as the banking and finance industry has now approved £47.9 billion to over 1.1 million businesses via government-backed coronavirus lending schemes, HM Treasury reports today. Both traditional finance and Fintechs are supporting these programs.
Specifically:
- Coronavirus Business Interruption Loan Scheme (CBILS) has approved £12.20 billion for 55,674 loans. The total number of applications have been 112,212.
- Coronavirus Large Business Interruption Loan Scheme (CLBILS) has approved £2.89 billion for 428 loans with 831 applications.
- Bounce Back Loan Scheme (BBLS) has approved £32.79 billion for 1,084,153 loans with 1,316,970 applications.
- The Future Fund now stands at 781 applications with 465 convertible loans approved representing £468.7 million. Many of these loans are anticipated to convert into equity of the funded company.
Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said almost £48 billion has now approved to more than 1.1 million businesses through the government-backed lending schemes, helping to improve their cash flow and adapt to the new economic environment.
“This support is just one part of the industry’s wider plan to help businesses in the UK, including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.”