The UK government has lent almost £52bn to businesses fighting the impact of the Covid-19 pandemic with more than 121,000 firms applying for CBILS in the week to 9 August – a new record.
On 11 August, HM Treasury said it had approved 59,520 facilities during the week, paying out a total of £13.41bn, up from £13.08bn in the week before, however, the total number of loan applications numbered 121,669.
Large business loan payouts increased by 3.98% to £3.4bn, with 896 applications and 497 approvals. Bounce Back Loan Scheme payouts increased 1.81% to £34.96bn, while applications rose to 1.40m and approvals grew to 1.15m in the week.
The East of England made up 11% of the total number of CBILS loans UK-wide, the highest usage of the scheme outside London and the South East, while the North West recorded 11% of the total number of BBLS loans across Britain – again, the biggest usage of outside London and the South East.