Figures published by the HM Treasury have detailed the extent to which the UK banking and finance industry has backed over 830,000 UK businesses through the Government’s coronavirus loan schemes.
It also revealed that lenders have provided £34.9 billion through the three major government-backed lending programmes.
As well as this, £3.6 billion has been granted to 85,000 businesses in the past week, with more applications expected to be approved in the coming days as the industry continues to help the UK navigate one of the most turbulent periods in recent history.
Mike Conroy, Director of Commercial Finance at UK Finance, commented: “The banking and finance sector has a clear plan to help businesses of all sizes get through these challenging times.
“The industry acknowledges the role it must play and is providing an unprecedented level of support, with £35 billion approved to 830,000 businesses through government-backed lending schemes in less than three months.
“This sits alongside the broad package of measures the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment holidays.
“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.”
The continued support comes at a pivotal time, as the financial impact of the pandemic is being felt across the UK.
Lenders are approving thousands of Bounce Bank Loans for small and micro businesses every day. In the five weeks since the launch of the scheme, over 780,000 businesses have successfully applied – an average of 156,000 approvals by lenders each week.
