Harrison Young logo Incorporating Harrison Young

£35 billion loaned to businesses through coronavirus schemes

Business loans through government-backed coronavirus support schemes have reached almost £35 billion, according to the latest figures published by the Treasury.

Call 020 7703 7594 or email info@pjtandco.com

Business loans through government-backed coronavirus support schemes have reached almost £35 billion, according to the latest figures published by the Treasury.

The figures show that £3.6 billion has been granted to 85,000 businesses in the past week, taking the total to £34.9 billion.

The Bounce Back Loan Scheme (BBLS), which allows small businesses adversely affected by the COVID-19 pandemic to apply for up to £50,000 with the government guaranteeing 100% of the advance, continues to be the most popular scheme.

The BBLS is averaging 156,000 loan approvals per week, and £2.5 billion was borrowed through it in the past week.

Over 48,000 businesses have received funding through the Coronavirus Business Interruption Loan Scheme (CBILS) to date, with lenders approving £9.6 billion in total.

Another 53 larger businesses secured finance through via the Coronavirus Large Business Interruption Loan Scheme (CLBILS) last week.

Commenting on the figures, Mike Conroy, Director of Commercial Finance at UK Finance, said: '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.'

About our Team

Our partners have individual specialisms which enable us to provide clients with a first class tailored service

Learn more

Latest news
Contact Details

Please call:
020 7703 7594
020 8767 0151 (HY)

PJT and Co
Chartered Certified Accountants
Accountancy House
90 Walworth Road

London SE1 6SW

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2020 PJT and Co Chartered Certified Accountants. All rights reserved. powered by totalSOLUTION.

We use cookies on this website, you can find more information about cookies here.