10 Jun 2020
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.'