The British Business Bank says the Coronavirus loan schemes are benefiting businesses in all corners of the UK. According to a note distributed by the Bank, loans are tracking the business population of each region. The loans are being provided by both traditional financial services firms as well as multiple Fintechs.
Some of the details provided are as follows:
Breakdown of loans offered by region – CBILS
|Region||Number of CBILS Loans||Volume of finance under CBILS (£)||% of offered facilities||% of business population|
|East of England||4,669||1,020,035,597||11%||10%|
|Yorkshire and The Humber||3,419||741,647,567||
Breakdown of facilities offered by region – BBLS
|Region||Number of BBL facilities||Volume of finance under BBLS (£)||% of offered facilities||% of business population|
|East of England||100,476||3,060,902,628||10%||10%|
|Yorkshire & the Humber||73,962||2,185,143,320||7%||7%|
According to the analysis of the loans, the Wholesale and Retail sector has accessed a significantly higher proportion of CBILS loans (19%) than its share of the business population (9%), with Manufacturing (13% v 5%) and Accommodation and Food Services (9% v 3%) following a similar pattern.
The Wholesale and Retail sector also accessed a relatively high proportion of Bounce Back Loans compared to its business population share (16% v 9%), as did businesses in Accommodation and Food Services (8% v 3%) and Real Estate Services (6% v 2%).
Keith Morgan, CEO of the British Business Bank, issued the following statement:
“A key objective for the British Business Bank is to identify and help reduce regional imbalances in access to finance for smaller businesses across the UK. It is welcome to see in the data that these schemes are helping businesses across the UK’s three Devolved Nations and nine English regions to access the finance they need to survive and stabilise, putting them in a better position to grow as we move into recovery.”
Small Business Minister Paul Scully added:
“Throughout this crisis, we have backed business of all sizes in in every corner of the UK. The schemes put in place by the government-owned British Business Bank have provided some much-needed breathing space for businesses as they deal with the challenges posed by coronavirus. Government support has helped firms right across Britain, not just in keeping businesses going but now enabling thousands to bounce back in a safe, Covid-secure manner.”