• Lenders have provided finance to over 50,000 SMEs through the Coronavirus Business Interruption Loan Scheme since its launch three months ago

Over 972,000 businesses have been provided with lending worth a total of £40.7 billion through the three major government-backed lending schemes, new figures from HM Treasury show today, as part of the banking and finance industry's plan to help businesses get through these challenging times.

Three months to the day after the launch of the Coronavirus Business Interruption Loan Scheme (CBILS), lenders have approved over 50,000 facilities through the scheme for businesses needing financial support, totalling £10.5 billion.

Launched on March 23 2020, CBILS was the first of the three coronavirus loan schemes to be introduced by the government in partnership with the banking and finance industry. Since then, the number of approved providers offering the scheme has doubled from 40 to almost 90, including traditional high street banks, FinTechs, asset-based finance and invoice finance providers, giving businesses more choice in accessing the finance they need to absorb the Covid-19 shock.

The figures published by HM Treasury also show that the Bounce Back Loan scheme (BBLS) has continued to provide further support to tens of thousands of small and micro businesses every day. Through this scheme, 920,000 business owners have accessed £28 billion worth of loans.

For 315 larger businesses, £2.1 billion has been approved via the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Lenders have a wide range of additional measures to help businesses through the crisis, including working capital extensions, overdraft extensions and capital repayment holidays, ensuring businesses can access the right support that suits their needs.

Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said:

Since the beginning of the crisis the banking and finance industry's core focus has been implementing a plan to help businesses through this difficult time.

?Across all the government-backed schemes, lenders have now provided over 970,000 business with £40 billion in finance. Three months on from the launch of the first support measure, the CBIL scheme has helped 50,000 UK businesses to get access to the finance they need.

?It's 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.

Case studies

Coronavirus Business Interruption Loan

Zig Zag Lighting - Leeds-based lighting company

Zig Zag Lighting is a stage lighting company from Leeds which has previously worked with Nirvana and ZZ Top. The company secured a CBILS loan through Lloyds which will allow it to pay suppliers and manage cashflow after all its 2020 events were cancelled or rescheduled.

Flamingo Land Ltd - North Yorkshire

Theme park Flamingo Land Ltd employs more than 700 people at the height of the season and is a major employer locally. The company secured funding from Barclays through a CBILS loan which will ensure that the business has sufficient working capital throughout this uncertain period.

Highland Experience - Scottish tour company

Scottish tour company Highland Experience has secured a six-figure sum in CBILS support from Royal Bank of Scotland to help cope with a downturn caused by the coronavirus pandemic. The funding package has allowed the company to plan for emergence from lockdown. 

Lucas UK - Sevenoaks, Kent

Lucas UK, a construction, fit out & finishing specialist based near Sevenoaks, secured a seven figure CBILS loan to help the business to adapt its operations and support cash flow throughout the pandemic.

Kinloch Lodge - hotel on Isle of Skye

Kinloch Lodge, a family-run hotel and restaurant on the Isle of Skye, received a CBILS loan from Lloyds which will help ease cashflow issues as 1,200 bookings between March and June were cancelled.

GOGOS Waterfront Restaurant - Windsor

Southern African inspired GOGOS Waterfront Restaurant secured a CBILS loan through Barclays which will enable the business to pay their staff, as well as help the restaurant and its cocktail bar be ready to re-open once the current lockdown is lifted.

Bounce Back Loan

Wilson's Restaurant - Bristol

Wilson's Restaurant, an independently owned and run bistro, received a Bounce Back Loan from Barclays which has helped to insulate the business against damage from the pandemic.

Design Couture - fashion designer in London

Design Couture, a family run fashion designer in London, secured a Bounce Back Loan through Lloyds which has enabled the business to distribute its latest collection as planned across Europe and North America.

Other lending and support

Luxus Ltd - East Lincolnshire

Luxus ltd, the UK's largest independent plastics compounder and recycler, secured a seven figure package of support from HSBC that has helped to ensure job security for employees across the business throughout this period. Over the course of the pandemic, the company has used its specialist knowledge, innovation and technology to recycle existing plastic materials that have been used in the production of coronavirus testing kits and personal protective equipment (PPE).

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