State Guaranteed Loan Schemes Provide £ 15 Billion to UK Businesses | Banking


State Guaranteed Loan Schemes Provide £ 15 Billion to UK Businesses |  Banking

UK businesses have so far received nearly £ 15bn in emergency financial aid via government-backed bailout loans, official figures show.

Signaling a sharp increase in business loans during the pandemic, Rishi Sunak, the Chancellor, said more than 304,000 businesses have benefited from two separate government-backed loan programs.

Figures show that the big banks have made loans worth almost £ 8.4bn to around 268,000 companies in the first week of the government’s new 100% loan guarantee scheme.

Chancellor launched rebound loans with all state guarantees after facing strong criticism for slow adoption of its coronavirus business interruption loan program (CBILS), which is 80% supported.

The figures show that companies received more money from bounce loans in the first week than during the life of the CBILS program, which launched on March 23 and provides larger loans to larger companies.

More rebound loans are approved by the big banks – around 38,000 each day – than in total for CBILS after more than a month of operation of the program.

The big banks have so far provided around £ 6.1 billion to 35,919 companies under the CBIL program.

Previous Talonvest closes $ 15.65 million bridge loan for MA
Next Romano: Sessegnon should now be loaned to Hoffenheim

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *