More than a 1.1 million firms have secured funding from the 海角视频 Government's various coronavirus loan schemes with a total lending book of nearly £50bn.
The schemes, which were launched by the 海角视频 Government to support firms across the 海角视频 hit by the economic fallout from the pandemic, are administered by its economic development bank the British Business Bank.
The low interest bearing funding is provided by more than 80 accredited lenders, that include all the main high street banks.
For the Bounce Back Loan Scheme (BBLS), which provides funding of up to £50,000, the latest figures (as of July 26th) show £33.68bn of lending to 1.1 million firms. There have been a total of 1.3 million applications.
For the Coronavirus Loan Interruption Loan Scheme (CBILS), which can provide lending of up to £5m for SMEs whose annual revenues don't exceed £45m, £12.65bn of funding has been approved to 57,234 businesses. There have been a total of 115,941 applications.
For the Coronavirus Large Business Interruption Loan Scheme (CBILS), which can providing lending of up to £200m, some £3.1bn of loans have been approved to 457 firms. The fund has received a total of 872 applications.
However there are concerns that there could be significant default levels, particularly if there is a drawn out recessions.
Lenders, who include asset finance providers, have to demonstrate exploring all available measures to recover bad debts, before the 海角视频 Government will cover losses.
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The BBLS has a 100% guarantee from the Treasury, while for CBILS it is 80%.
The Treasury is expected to next week provide the first coronavirus loan scheme lending figures broken down by the nations and regions of the 海角视频.
Managing director of commercial finance for the representative body for the 海角视频's financial services sector, Stephen Pegge, of 海角视频 Finance, said: "As the Covid-19 crisis continues, the banking and finance industry is committed to helping the nation's businesses through these tough times.
“These figures demonstrate the unprecedented levels of support provided by the industry and are testament to the hard work of staff on the ground. More than £49bn has been approved so far to almost 1.2 million businesses of all sizes through the government-backed lending schemes.
“This support is just one part of the industry’s wider plan to help businesses in the 海角视频, including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.
“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."