Government-backed business loans pass £50bn

Businesses have now received more than £50 billion in Government-backed coronavirus support loans since the outbreak of the pandemic.

According to figures published by the Treasury, more than 1.2 million businesses had received emergency finance through the schemes as of 9 August 2020.

Bounce-back loans made up the largest part of this total, with £34.96bn lent to 1.16 million businesses through the scheme.

Meanwhile, 59,520 businesses received £13.4 billion in loans through the coronavirus business interruption scheme (CBILS).

A further 497 loans were approved through the coronavirus large business interruption loan scheme (CLBILS), totalling £3.4bn.

Stephen Pegge, managing director of commercial finance at UK Finance, said:

"The government-backed loan schemes are just one part of the [banking and finance] industry's broader plan for helping the nation's businesses, and operate alongside commercial lending, capital repayment holidays, extended overdrafts and invoice finance facilities.

"It is 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."

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