Tagged: uk finance

UK COVID-19 Support Programs Update: £47.9 billion to over 1.1 million businesses in Lending Schemes

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… Read More

HM Treasury Update Shows Ongoing Rise of COVID-19 Support Schemes, Bounce Back Loans Top One Million, Future Fund at £380 Million

  HM Treasury has posted its weekly update on its COVID-19 business support schemes and as one would expect the numbers continue to push higher. HM Treasury reports that more than one million businesses have been approved to receive £45 billion in financing support. In… Read More

HM Treasury: £40+ Billion Provided to Over 970K UK Businesses by COVID-19 Support Schemes

HM Treasury’s weekly update on the COVID-19 business support schemes indicates that lenders, both traditional banks and Fintechs, have provided a growing amount of financing to both smaller and larger firms impacted by the Coronavirus. The main government programs include; the Coronavirus Business Interruption Loan… Read More

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… Read More

Digital Banking: Six Million or 12% of UK Consumers have Switched to Virtual Banking Services Following COVID-19 Outbreak

Retail sales in the UK have surged dramatically from 16% to 27% of all sales in the country. Tony Moroney, managing partner at, Beta Digital Ltd, predicts: “The end of main street is nigh.” Moroney notes that Amazon’s retail sales surged 26% during Q1 2020,… Read More

Digital Bank Starling Issues Bounce Bank Loan Scheme (BBLS) Update, CEO Anne Boden Joins UK Finance Board

UK-based Starling Bank issued an update on June 1, 2020 regarding the Bounce Back Loan Scheme (BBLS). The British Business Bank has been approving new lenders for several COVID-19 support schemes. As previously reported, JCB Finance will join the other 18 BBLS lenders who have… Read More

HM Treasury Reports Over £31 Billion Approved in COVID-19 Business Support Schemes

HM Treasury has published an update on the various COVID-19 support schemes for UK businesses. Published today, UK lenders have now approved over £31.3 billion in loans for more than 745,000 businesses. The three programs include; The Bounce Back Loan Scheme (BBLS), the Coronavirus Business… Read More

Over £27 Billion Provided by CBILS, CLBILS and Bounce Back Loans

Each week, HM Treasury publishes updates on approved lending under three COVID-19 related support schemes. This week HM Treasury said £12.47 billion has been approved in the ongoing programs. The breakdown of the funding is as follows: Coronavirus Business Interruption Loan Scheme (CBILS) Data up… Read More

HM Treasury Posts Figures on COVID-19 Support Schemes, Over £22 Billion in Lending

HM Treasury has provided an update on the progress of the various COVID-19 support programs that have been put in place in the last two months. According to the UK government:   8 million jobs have now been furloughed with £11.1 billion claimed so far… Read More

UK Lenders Have Provided Over £14 Billion in Various COVID-19 Loan Programs

HM Treasury provided an update today on the progress of the various programs designed to backstop the UK economy. These programs include the Bounce Back Loan Scheme (BBLS) targeted at sole traders and small firms, the Coronavirus Business Interruption Loan Scheme (CBILS) for small and… Read More

Initial Data: Over 69,000 Bounce Back Loans, £2+ Billion, Approved in 24 Hours

The newest COVID-19 support package created by the UK government appears to be a big hit with UK businesses. According to a post by HM Treasury, over 69,000 loans valued at more than £2 billion have been approved in just 24 hours. Bounce Back Loans… Read More

Over £4.1 Billion Has Been Distributed to UK Businesses Under the Coronavirus Business Interruption Loan Scheme

UK Finance has posted its weekly update as to the amount and number of loans distributed to SMEs impacted by the COVID-19 pandemic. According to the data, £4.157 billion has been approved under the Coronavirus Business Interruption Loan Scheme (CBILS) for 25,262 loans. 52,807 applications… Read More

HM Treasury Announces Bounce Back Loans of £2,000 to £50,000 for Smaller Firms, No Interest Nor Payments for 12 Months

The UK government has announced a new loan program for smaller firms. The “Bounce Back Loans” are 100% backed by the government providing access to credit ranging from £2,000 to £50,000. The loans will be interest-free for the first 12 months, and businesses can apply… Read More

UK Finance’s Latest Data Confirms: More Than £2.8 Billion Has Been Provided to SMEs Through Coronavirus Business Interruption Loan Scheme

Banking and finance industry organization UK Finance announced on Thursday that its latest data revealed more than £2.8 billion has been lent to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS). The organization reported that total lending under CBILS has doubled in… Read More

UK Finance Comments on Chancellor’s Announcement of Added Policies to Mitigate COVID-19 Crisis

Chancellor of the Exchequer Rishi Sunak has announced new measures to support firms impacted by the COVID-19 pandemic. The update includes broader access to the Coronavirus Business Interruption Loan Scheme (CBILS) and creating a new plan for larger firms. The Chancellor announced that HM Treasury… Read More

Fintech Industry Responds to UK Budget 2020

Earlier today, the Chancellor of the Exchequer Rishi Sunak delivered a speech outlining the UK Budget for 2020. A portion of the speech outlined the Government’s policy moves to mitigate the impact of the Coronavirus – an unexpected exogenous shock to the economy that could… Read More

Zoiks! UK Banking Industry Halts £4.5 Million in Fraud EACH DAY

Fraud takes place daily in the financial services industry. Crowdfund Insider reads about it every single day. It is just a fact of life. There will always be a miscreant somewhere looking to separate good money from good people. That is why the industry must… Read More

Brexit Prep: UK Finance Creates Guide for SMEs as EU Separation Looms

UK Finance has launched a national campaign encouraging small and medium-sized enterprises (SMEs) to prepare for the potential changes as Brexit nears. Entitled “Let’s Talk Business,” the campaign is being supported by various organisations including the Federation of Small Businesses (FSB), British Chambers of Commerce… Read More

UK Finance: SME Loan Approval Increased Slightly in Q1, iwoca CEO Calls Bank Support of SMEs Dire

UK Finance’s most recent report indicates that the number of new loans to UK SMEs increased slightly in the first quarter of 2018. There were 73,971 new loan approvals to SMEs across the UK in Q1 versus 72,272 in Q1 of 2017. A report by UK… Read More

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