More than £62 billion in financial support has now been delivered through the Government’s Covid-19 loan schemes, it has been revealed.
According to the British Business Bank (BBB), who administers the schemes, a total of 1,410,037 government-guaranteed loans worth £61.9 billion have been approved to support businesses affected by the coronavirus pandemic.
This includes 1,336,320 Bounce Back Loans (BBL) worth £40.2 billion, 73,094 loans worth £17.2 billion through the Coronavirus Business Interruption Loan Scheme (CBILS) and 623 loans worth £4.6 billion through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The latest figures also reveal that £771m worth of convertible loans have been approved for 745 companies since the launch of the Future Fund in May this year.
The figures come shortly after the Chancellor announced in September that businesses who have been granted finance through the Bounce Back Loan Scheme (BBLS) or CBILS could extend the terms of their loans to bolster cash flow.
Under the changes, the maximum loan terms have been increased from six to ten years and interest-only periods and payment holidays have been introduced to support businesses struggling to make repayments in the short term.
The “Plan for Jobs” also includes additional funding to support cash grants of up to £2,100 per month “primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas”.
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