Tuesday 12 May 2020 4:16 pm

Lloyds says it has provided £4bn support to businesses during coronavirus crisis

Save our SMEs

Lloyds Banking Group today said it has provided more than £4bn support to businesses during the coronavirus crisis.

Britain’s major banks were heavily criticised for slow lending, bureaucracy and offering disadvantageous terms to customers following the coronavirus lockdown.

Read more: Lloyds boss: Coronavirus business loan scheme was ‘painful’ and ‘flawed’ when launched

Lloyds today said it accounted for approximately 28 per cent of lending under the government bounce back loans scheme (BBLS) and 17 per cent of lending under the government coronavirus business interruption loan scheme (CBILS).

Lloyds said the £4bn figure included money lent under the government schemes in addition to capital repayment holidays on existing loans and extending overdraft facilities.

Lloyds said it has agreed nearly 30,000 capital repayment holidays for existing loans since early march, and approved 15,000 overdraft facilities.

Read more: Exclusive: Lloyds staff facing redundancy fear being left jobless by bank amid pandemic

The bank said it had approved 74,623 BBLS applications to the value of nearly £2.4bn, 6,019 CBILS applications to the value of £944m and eight coronavirus large business interruption loans to the value of £82m.

David Oldfield, chief executive of commercial banking at Lloyds, said: “With more and more businesses set to re-open in the coming weeks, we want to do all we can to help Britain’s businesses bounce back. We have already provided funding for tens of thousands of businesses to give them the breathing room needed during the lockdown.”

Share:
Tags: