More than £38 billion has now been delivered in loans and guarantees to support businesses affected by Covid-19, new figures have revealed.
The report comes after the British Business Bank (BBB) announced that seven more lenders have been granted accreditation to deliver coronavirus business loans, bringing the total number of approved lenders to more than 90.
According to the latest figures, some 913,110 businesses have now benefited from approximately £38.22 billion in affordable finance.
This includes 863,584 Bounce Back Loans worth £26.34 billion, 49,247 Coronavirus Business Interruption Loans worth more than £10 billion, and £1.7 billion delivered through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The report comes as the BBB revealed that Investec has now been accredited to the Bounce Back Loan Scheme (BBLS), while 4Syte, Asset Finance Partners, JCB Finance, Merchant Money, Sonovate and United Trust Bank have been accredited to deliver finance under the Coronavirus Business Interruption Loan Scheme (CBILS).
They join a long list of now more than 90 lenders, including Barclays, HSBC and Metro Bank, who have been accredited since the schemes launched in May and March respectively.
Commenting on the announcement, Keith Morgan, CEO at the BBB, said: “Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes.
“Accrediting these additional finance providers means further support for smaller business customers and continues the British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses.”
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