Home Business NewsBusinessBanking News More than 1.4m businesses supported through crisis lending schemes

More than 1.4m businesses supported through crisis lending schemes

by LLB Finance Reporter
26th Oct 20 11:57 am

According to the latest HM Treasury figures, the UK’s banking and finance industry has supported more than 1.4m businesses to date through government-backed Coronavirus lending schemes.

Lenders have approved over 73,000 facilities through the CBIL scheme and over 1.3m business owners have benefitted from the Bounce Back Loan scheme. For larger businesses, £4.57bn has now been approved via the Coronavirus Large Business Interruption Loan Scheme to 623 firms.

There are 28 lenders accredited to the BBL scheme, with the vast majority of businesses having an existing relationship with one of these lenders. 110 lenders are now accredited to the CBIL scheme.

Stephen Pegge, managing director of commercial finance at UK Finance said, “The banking and finance industry has provided unprecedented levels of support to help businesses through the Covid-19 crisis, with over 1.4m firms accessing finance through government-backed lending schemes.

“Financial support for businesses remains evenly spread across the country and the worst-affected sectors are receiving the strongest levels of backing from the industry.

“Bank staff are working incredibly hard to process applications and meet significantly increased levels of demand, while carrying out the necessary anti-fraud and money laundering checks.

“It is 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.”

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