More than one million businesses access Bounce Back loans

09 Jul 2020

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 BBLS 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, and so firms should carefully consider their ability to repay before applying.'

Copyright

© 2024 Michael Letch & Partners LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01277 655 626

Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Michael Letch & Partners LLP, 146 High Street, Billericay, Essex CM12 9DF

Michael Letch & Partners LLP is a limited liability partnership registered in England and Wales with registration number OC328815.

Michael Letch & Partners LLP is regulated by the Association of Chartered Certified Accountants in the United Kingdom.

Michael Letch & Partners LLP is also regulated by the Financial Conduct Authority to carry out specific activities and investment advice (registration number 112064).

The term ‘Partner’ is used to refer to a member of Michael Letch & Partners LLP. A list of members is open to inspection at our registered office at 146 High Street, Billericay, Essex, CM12 9DF.

Michael Letch & Partners LLP is registered to carry out audits in the UK by the Association of Chartered Certified Accountants.