Over one million UK businesses have now accessed government-backed borrowing through the Bounce Back Loan Scheme (BBLS), according to the latest figures from the Treasury.
The BBLS allows small businesses adversely affected by the coronavirus (COVID-19) pandemic to apply for up to £50,000, with the government guaranteeing 100% of the advance.
Lending through the BBLS has now reached £30.9 billion, with 1,013,410 businesses having loans approved.
The Coronavirus Business Interruption Loan Scheme (CBILS) has now provided £11.5 billion worth of loans to 53,500 small and medium-sized businesses. The Coronavirus Large Business Interruption Loan Scheme (CLBILS), which is aimed at larger UK enterprises, has now provided £2.6 billion in loans to 394 businesses.
Commenting on the figures, Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said: 'Just over two months since it was launched, the BBLS has now backed over one million businesses with £30.9 billion worth of lending. Across all the COVID-19 schemes, £45 billion has now gone towards supporting businesses thanks to the tireless efforts of staff working on the ground.
'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.'