Bounce Back Loan: More than 1 million businesses access
Over one million UK businesses have now accessed government-backed borrowing through the Bounce Back Loan Scheme (BBLS), according to the latest figures from the Treasury.
The Bounce Back Loan Scheme allows small businesses adversely affected by the coronavirus (COVID-19) pandemic to apply for up to £50,000. With the government guaranteeing 100% of the advance.
Lending through the BBLS has now reached £30.9 billion, with 1,013,410 businesses having loans approved.
The Coronavirus Business Interruption Loan Scheme (CBILS) has now provided £11.5 billion worth of loans to 53,500 small and medium-sized businesses. The Coronavirus Large Business Interruption Loan Scheme (CLBILS), which is aimed at larger UK enterprises, has now provided £2.6 billion in loans to 394 businesses.
Commenting on the figures, Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said: ‘Just over two months since it was launched, the BBLS has now backed over one million businesses with £30.9 billion worth of lending. Across all the COVID-19 schemes, £45 billion has now gone towards supporting businesses thanks to the tireless efforts of staff working on the ground.
‘It’s important to remember that any lending provided under government-backed schemes is a debt not a grant. So firms should carefully consider their ability to repay before applying.’
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