Lenders back 1.2 million businesses through Covid-19 lending schemes
Responding to the latest HM Treasury figures on Covid-19 support for businesses, managing director of Commercial Finance at UK Finance, Stephen Pegge, said:
“As the economic effects of the pandemic continue to develop, the UK’s banking and finance industry remains committed to helping the nation’s businesses through the crisis.
“The Bounce Back Loan Scheme now supports nearly 1.16 million small and micro enterprises, demonstrating that it continues to be a crucial and valued part of the industry’s support package for the economy.
“The government-backed loan schemes are just one part of the industry’s broader plan for helping the nation’s businesses, and operate alongside commercial lending, capital repayment holidays, extended overdrafts and invoice finance facilities.
“It is 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.”
UK Finance analysis of data published last week by HM Treasury showed that the flow of finance to businesses across the UK through BBLS and CBILS has been distributed on a relatively even basis around UK regions and devolved nations.
