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June 9, 2020

£35bn in financing provided through Covid-19 schemes

By Alejandro Gonzalez

Figures provided by HM Treasury have revealed that lenders have provided £34.9bn through the three major government-backed lending programmes.

£3.6bn has been granted to 85,000 businesses in the past week as Covid-19 continues to impact UK businesses presently in the third month of lockdown.

Covid-19

In the five weeks since the launch of the scheme, over 780,000 businesses have successfully applied – an average of 156,000 approvals by lenders each week.

£23.8bn has been provided by the industry through the BBL scheme, including £2.5bn in the last seven days. 48,000 businesses have received funding through the Coronavirus Business Interruption Loan Scheme (CBILS) so far, with lenders approving £9.6bn in total.

As of 7 June, £1.6bn has been approved to 244 larger businesses via the Coronavirus Large Business Interruption Loan Scheme (CLBILS), with 53 firms securing finance in the past week.

The SME support includes working capital extensions, overdraft extensions, capital repayment holidays and asset-based finance.

Mike Conroy, director of commercial finance for 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.”

Figures for CBILS, CLBILS and BBLS show cumulative applications and approvals up to close of business on 7 June 2020 by accredited lenders, as reported to HM Treasury by close of business 8 June 2020.

A full list of accredited lenders for CBILS, CLBILS and BBLS can be found here.

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