The Government has now helped deliver more than one million Bounce Back Loans to businesses affected by Covid-19, the latest figures have revealed.
The milestone comes as several new lenders were approved to offer coronavirus business loans, including Funding Circle and Maven Capital Partners.
According to the official weekly update, approximately 1,013,410 Bounce Back Loans worth £30.93 billion have been approved to boost the cash flow of vulnerable businesses throughout the pandemic.
Under the Bounce Back Loans Scheme (BBLS), businesses who have lost revenue as a result of the pandemic can apply for up to £50,000 in affordable finance. The 100 per cent Government-backed loans come interest and fee-free for the first 12 months and no repayments are due until the second year.
Successful applicants also usually see Bounce Back Loans land in their bank account “within days”, the Government claims.
Commenting on the success of the scheme, Chancellor Rishi Sunak said: “We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff.
“I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small business as they reopen their doors in the weeks ahead.”
The weekly finance tracker also reveals that 1,067,340 government-guaranteed loans worth £45 billion have been approved to date. This includes 53,536 loans worth over £11 billion through the Coronavirus Business Interruption Loan Scheme (CBILS) and £2.58 billion through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The news comes as Funding Circle, Maven Capital Partners, and Satago join the list of nearly 100 accredited lenders offering coronavirus business loans.
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