Lloyds Banking Group on Tuesday said 32,000 business customers had received 'Bounce Back' loans since the scheme started this week, totalling £1 billion.
The average loan size was £30,000, it said.
The total amount expected to be lent through the Bounce Back scheme on Tuesday alone is £3.3 billion.
The process has been made easier by the government because the taxpayer backs 100% of the loans.
The bank had faced questions over whether it was lending enough to small businesses after estimates showed its lending did not match its market share. .
Lloyds Banking Group managing director of business banking Gareth Oakley said: “As more businesses apply, that will grow in the coming days.
“Lending through the BBL scheme is just one way we’re supporting our business customers impacted by COVID-19."
More to follow...
