Banking and finance industry continues to support businesses

Responding to data published by HM Treasury and the British Business Bank (BBB) which showed that coronavirus loan schemes are continuing to support businesses evenly across the UK, Stephen Pegge, managing director of Commercial Finance at UK Finance, said: “The UK’s banking and finance industry is delivering an unprecedented level of support to businesses across the whole country to help them through these challenging times. Over 1.5 million businesses have been helped with government-guaranteed loans totalling over £68 billion, with SMEs now able to ‘top-up’ their Bounce Back Loan to the maximum of £50,000 or 25% of their turnover, if lower.

“Government-backed loans are just one part of the industry’s support for businesses across the UK, along with range of additional measures including working capital extensions, overdraft extensions and capital repayment holidays. The outlook for many businesses remains challenging in 2021 and the finance sector and related professional services are focused on the provision of capacity and expertise to help support the turnaround of companies where possible, while ensuring the sympathetic treatment of those businesses which are no longer viable.”