Covid-19 lending hits £45 billion as high streets return to business

The Government has now delivered more than £45 billion in affordable finance to hundreds of thousands of businesses affected by Covid-19, new figures reveal.

The official statistics, published by the British Business Bank (BBC), show the success of the various coronavirus loan schemes designed to boost cash flow throughout the pandemic.

Among the figures, the report shows that more than one million loans worth an approximate £30.93 billion have now been approved under the Bounce Back Loans Scheme (BBLS).

The BBLS – launched in April – is designed so small businesses can access cash quickly and easily. Under the scheme, eligible businesses can apply for 100 per cent Government-backed loans of up to £50,000, with no fees or interest due in the first year, and no repayments due until the second year.

Commenting on the success of the scheme, Chancellor Rishi Sunak said: “I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small business as they reopen their doors in the weeks ahead.”

Today’s figures also show that some 53,536 loans worth over £11 billion have been delivered through the Coronavirus Business Interruption Loan Scheme (CBILS), while £2.58 billion has been approved through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The Future Fund, meanwhile, has issued just under £380 million in convertible loans to date.

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