Almost £15 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury.
More than 304,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The BBLS has proven the most popular of the support schemes available, with over £8.3 billion lent through the scheme since its launch on 4 May. The BBLS allows small businesses adversely affected by the pandemic to apply for up to £50,000, with the government guaranteeing 100% of the advance.
Lenders have provided £6.1 billion to 35,919 businesses through the CBILS, while loans of £359 million have been approved to 59 mid-sized and larger UK businesses through the CLBILS.
Commenting on the figures, Stephen Jones, Chief Executive of UK Finance, said: 'The banking and finance industry is determined to play its part in helping businesses of all sizes get through these tough times.
'This forms part of the industry's broad package of support for businesses, 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.'