COVID-19: Government’s Bounce Back Loan Scheme distributes £23 billion in finance
The Government’s Bounce Back Loans Scheme has provided more than £23 billion in finance to more than 780,000 businesses, according to the latest research.
The figures form part of the British Business Banks’s weekly finance tracker, providing an overview of the success of the measures in place to help businesses affected by COVID-19.
According to the latest data, 830,140 businesses have used at least one coronavirus loan facility throughout the pandemic to support their cashflow. This includes 782,246 Bounce Back Loans worth £23.78 billion.
The scheme, which was introduced in April, enables small businesses to apply for a 100 per cent Government-backed loan worth up to £50,000.
It also follows the Coronavirus Business Interruption Loan Scheme (CBILS), which has delivered 47,650 loans worth over £9.5 billion, in providing interest and fee-free finance for the first 12 months, while no repayments are due until the second year.
Elsewhere, the data shows that some £1.5 billion has been delivered through the Coronavirus Large Business Interruption Loan Scheme (CLBILS), while £55.9m worth of convertible loans have been approved for 53 companies under the ‘Future Fund’ – which opened for applications on 20 May.
The new facility enables businesses “unable to access other Government business support programmes because they are either pre-revenue or pre-profit” to access an alternative source of finance.
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