Tuesday 11 August 2020 10:07 am

Government coronavirus business loans total nears £52bn

Save our SMEs

The government has lent nearly £52bn to businesses via its emergency coronavirus loans funding schemes as companies try to weather the pandemic-triggered downturn.

Data released by the Treasury today showed the total lent to businesses had hit £51.7bn by 9 August.

Read more: UK unemployment: 730,000 Brits lose their jobs in lockdown

The bounce back loan scheme (BBLS) accounted for £34.96bn with 1,157,296 facilities approved and a total of 1,404,726 applicants.

Under the programme the government guarantees up to 100 per cent of the loan to the banks lending the money up to £50,000.

Lending via the coronavirus businesses interruption loan scheme (CBILS) hit £13.41bn, the Treasury said today.

The scheme received 121,669 applications from companies with 59,520 applications approved.

The CBILS scheme has an 80 per cent government guarantee and loans can be up to £5m.

The coronavirus large business interruption loan scheme (CLBILS) accounted for £3.4bn of lending by 9 August with 497 loans approved out of a total of 896 applications.

It too has an 80 per cent guarantee but the loans can be up to £200m.

Read more: A third of UK firms plan job cuts by October as furlough scheme ends

The government’s loan schemes are due to end in the autumn. CBILS is set to close at the end of September and BBLS is due to finish in November. The government retains the right to extend the schemes, however.