Government Publishes Coronavirus Business Loan Scheme Statistics

You may be aware that last year the government here in the UK put in place some lending schemes to help certain businesses that have been affected in a negative way because of the coronavirus pandemic. We thought we would share with you some of the statistics relating to some of the lending schemes as they make for very interesting reading. Full details can be found on the gov.uk website.

The Coronavirus Business Interruption Loan Scheme (CBILS) had by 10th May 2020 received 64,531 applications of which, as at that date, 35,919 applications had been approved with a total value approved amounting to £6.09 billion. By the 16th August 2020, 122,885 applications had been received of which, as at that date, 60,409 applications had been approved with a total value approved amounting to £13.68 billion. By the 24th January 2021, 201,343 applications had been received of which, as at that date, 87,529 had been approved with a total value approved amounting to £20.84 billion.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) had by 10th May 2020 received 450 applications of which, as at that date, 59 applications had been approved with a total value approved amounting to £0.36 billion. By the 16th August 2020, 938 applications had been received of which, as at that date, 516 applications had been approved with a total value approved amounting to £3.50 billion. By the 24th January 2021, 1,091 applications had been received of which, as at that date, 696 applications had been approved with a total value approved amounting to £5.14 billion.

The Bounce Back Loan Scheme (BBLS) had by 10th May 2020 received 363,646 applications of which, as at that date, 268,173 applications had been approved with a total value approved amounting to £8.38 billion. By the 16th August 2020, 1,430,017 applications had been received of which, as at that date, 1,174,854 applications had been approved with a total value approved amounting to £35.47 billion. By the 24th January 2021, 1,953,564 applications had been received of which, as at that date, 1,471, 001 applications had been approved with a total value approved amounting to £44.74 billion.

As you can see, a huge number of lending applications have been received for these schemes with a significant sum of money being advanced to businesses to assist them in some way during the pandemic. Presumably, there will be a number of businesses that have sought financial support directly from their banks for other normal forms of finance such as overdrafts and business loans. If you are looking for additional business finance, why not get in touch with us and we will put you in touch with a reputable commercial finance broker to discuss your requirements.

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