£46bn accessed through Covid-19 lending schemes

The banking and finance industry has approved £46.3bn to over 1.1m businesses so far through government-backed coronavirus lending schemes.

Almost 1.05 million small and micro businesses have received a total of £31.7bn through the Bounce Back Loan Scheme, an increase of £770m over the past week.

Lenders have provided £11.9bn worth of facilities to 54,500 companies through the Coronavirus Business Interruption Loan Scheme.

For larger enterprises, the industry has approved £2.7bn through the Coronavirus Large Business Interruption Loan Scheme to more than 400 businesses whose financial situation has been affected by Covid-19.

Stephen Pegge, managing director of commercial finance at UK Finance said, “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 1.1m businesses large and small have received £46.3bn 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.

“It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”