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UK-based lenders support 1.2 mln businesses amid pandemic

Wednesday 12 August 2020 13:24 CET | News

UK-based lenders have provided support to over 1.2 million businesses through government-backed loan schemes, according to HM Treasury statistics. 

Since its launch, the 100% government-backed Bounce Back Loan Scheme (BBLS) has been the most popular with the nation’s SMEs. In total, over 1.16 million SMEs have accessed funding through the BBLS, with the number continuing to rise. The UK’s smallest businesses have received nearly GBP 35 billion in loans from banks and non-bank lenders. 

Under the Coronavirus Business Interruption Loan Scheme (CBILS) over 59,000 businesses have been given more than GBP 13.4 billion in loans. The Coronavirus Large Business Interruption Loan Scheme remains the least popular government-backed programme, with only 497 businesses accessing GBP 3.4 billion in funding.  The Bounce Back Loan Scheme will remain open until early November 2020, while the CBILS will close to new applications in September 2020. 

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Keywords: UK, United Kingdom, SMEs, lenders, loan, pandemic, government-backed loans, loan schemes, BBLS, CBILS, funding, small businesses, coronavirus, large businesses
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech