Emergency lending to UK businesses hit nearly £15 billion as more than a quarter of a million firms tapped UK government schemes, new figures showed on Tuesday
New data from UK Finance shows £8.3 billion bounce back loans had been approved since the scheme launched last week, making it the largest proportion of government loans.
Around 270,000 firms have borrowed through the scheme, which lends up to £50,000. The government underwrites 100% of the loans from the banks, which has sped up the process.
Around £6 billion has been lent to 36,000 firms through CBILS and £359 million to 59 firms through the large business version CLBILS.
Last week figures showed nearly £18 billion had been loaned through the CCFF, the separate Bank of England scheme which buys short-term commercial paper.
UK Finance chief Stephen Jones said: “The banking and finance industry is determined to play its part in helping businesses of all sizes get through these tough times.
“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.”
