The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), UK Finance reveals today, as part of a broad package of support to help businesses through these tough times.

Almost £1.4 billion worth of loans were provided in the week from 29 April to 6 May as lending under the scheme continues to grow. The number of approved loans grew by a third over the same period, increasing by 8,550 to 33,812.

The British Business Bank approved ^[2] ten more lenders for accreditation under the CBIL scheme this week, bringing the total number of accredited lenders to 63. This means businesses can access financial support under CBILS from an even wider variety of firms, from high street banks to alternative finance providers.

Lenders have received 62,674 completed applications under the CBIL scheme so far ^[3]. 33,812 of these applications have been approved to date, while more applications are still being processed and are expected to be approved over the coming days.

These latest figures come in the same week as the launch of the Bounce Bank Loans (BBL) scheme, which has made it simpler and quicker for lenders to provide smaller businesses and sole traders with financial support. Figures⁴ published by HM Treasury yesterday revealed that 69,000 Bounce Back Loans worth over £2 billion were approved during the first 24 hours of the scheme, highlighting the hard work of bank staff to help viable businesses of all sizes access the finance they need.

Lenders have put in place a wide range of additional measures to help SMEs get through these tough times, including working capital extensions, overdraft extensions and capital repayment holidays.

Stephen Jones, Chief Executive of UK Finance, said:

The banking and finance industry is committed to helping viable businesses of all sizes get through these tough times.

"Bank staff have worked tirelessly over the past week to provide businesses with the finance they need, delivering another £1.4 billion of lending under the CBIL scheme, on top of over £2 billion in Bounce Back Loans targeted at smaller firms and sole traders.

"This forms part of the industry's broad package of tailored support for SMEs, with thousands of other businesses having their existing overdrafts increased, accessing new loans and asset-based finance or receiving capital repayment holidays on existing facilities.

"It's important to remember that any financing provided under the CBIL or BBL schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.

Please see a selection of case studies below which are available for interview. For further information, please contact the UK Finance press office on 020 7416 6750 or email press@ukfinance.org.uk

Support through CBIL scheme

Abbey Retail (MCR) Limited - firm producing hospital gowns, Manchester

Abbey Retail (MCR) Limited is a manufacturing firm based in Manchester. Half of the company's key staff are no longer working because of coronavirus. It secured a £98,000 CBILS loan from Barclays, allowing staff to continue to be paid. This security has allowed the company to pivot to producing hospital gowns for the NHS, with 3,500 gowns already delivered and more expected to produced in future.

Adlib Audio - Audio visual equipment, Merseyside

Adlib Audio is a company based in Merseyside that supplies audio, lighting and video technical services for the live events industry. The firm secured a £2 million loan under CBILS from HSBC UK, as a buffer to cover running costs and retain its staff until the events industry recovers when the lockdown restrictions lift.

Aqua Group - restaurant group in Bristol

Aqua Group, an independent family-run group of Italian restaurants in the south west of England, has secured £165,000 of funding from Santander UK through CBILS to support the business during the outbreak. The funding package will help Aqua through the Coronavirus outbreak and ensure it can retain staff and maintain a strong working relationship with creditors.

Bulldog Products Ltd - family-owned manufacturer, Southport

Bulldog Products Ltd is a family owned business based in Southport. It is the one of the largest distributors of all wild bird seed and small animal products in the UK. The business had to briefly close its factory and warehouse due to the coronavirus outbreak, which led to a short period of no production output. NatWest has provided Bulldog Products Ltd with a seven figure advance under the CBILS scheme to support the business through this difficult period and safeguard local staff.

City Pub Group / Mosaic Pub & Dining - Hospitality, London

City Pub Group is a chain of 28 pubs in London. The Group secured £500,000 from Metro Bank under the CBIL scheme and a six month capital repayment holiday and interest roll-up on existing debt. The money is being used to support the pubs? operation through the coronavirus lockdown period and help the build-up of trade once the chain is allowed to reopen

Dean Packaging - South Wales

Dean Packaging is a business based in South Wales providing packaging for the automotive and food and drink sectors. Following the outbreak of the Coronavirus, many of the businesses that Dean Packaging services had to suspend production and so demand for packaging declined.  The firm secured a £20,000 overdraft facility from Santander UK through the CBIL scheme, which will help it pay its suppliers and meet ongoing running costs.

Highdown Garden Centre - Worthing, West Sussex

Cobbins Nursery and Highdown Garden Centre is a family-owned business based in Worthing, West Sussex. To reduce losses since the lockdown, the team has established a new online shop which delivers locally. The company secured a CBILS loan from Clydesdale Bank to support the cash flow of the business as it begins to start planting again. This will ensure that, when outlets reopen at some point in the future, there will once again be seasonal plants available.

Kent Gliding club - Recreation activities, Kent

Kent Gliding club is a member-owned organisation which provides flying lessons. It secured £30,000 from Metro Bank under the CBIL scheme to help with cashflow issues because it was unable to obtain a payment holiday on large insurance costs for planes and gliders.

Munchkins Nursery - Childcare provider, Essex

Munchkins Nursey is a childcare provider that runs three nurseries in Essex. After the lockdown the firm had to shut its premises, furlough staff, and quickly find financial support. The owner was able to rapidly secure a £75,000 loan under CIBLS from Barclays, to support with cash flow challenges and ensure it can reopen again and continue playing an important role in the local communities where it is based.

Quest88 - mobility equipment manufacturer, Shropshire

A company that makes mobility equipment for organisations including the NHS and charities has secured a Lloyds Banking Group loan as it grapples with a slowdown in orders because of COVID 19. Quest88, whose products include equipment for children with cerebral palsy, has agreed a £200,000 funding package with the bank via the CIBL scheme. It has also refinanced £110,000 of debt. The Shropshire based company manufactures and sells equipment to the NHS, councils and charities that support people with mobility issues, but it has seen a 50 per cent reduction in orders since the COVID 19 lockdown began last month.

William Lea - Flooring for North West NHS Nightingale Hospital, Chester

Chester-based William Lea Ltd specialises in floor screeding, the process of laying a smooth, level base that supports a final layer of flooring such as carpet or tile. The firm has already helped to transform the Manchester Central Convention Centre into the new NHS Nightingale Hospital North West. Lloyds Banking Group has provided the firm with a six figure loan under CBILS to support the working capital needs of the business.

Further support and commercial lending from banks

Arthur Ellis Mental Health - Milton Keynes      

Arthur Ellis Mental Health is a mental healthcare organisation in Milton Keynes. NatWest has supplied office space, coaching and mentorship for the organisation as part of its Accelerator programme, helping it to provide free weekly mental health support sessions for NHS frontline staff.

Kingsdown Water - Canterbury, Kent

Kingsdown Water is a Canterbury-based supplier of premium spring water and sparkling pressé drinks. The company was offered a three-month payment holiday on existing loans and additional funding by Clydesdale Bank, to help take the pressure off until it can return to normal business service. The company has gone from supplying top restaurants, hotels, bars and clubs to serving consumers in their homes. Four weeks after launch, online sales have increased fourfold.

Halfpenny Green Wine Estate - Staffordshire

A South Staffordshire based wine producer and retailer has been able to expand its production and has diversified its operations during the coronavirus shutdown, after securing a £180,000 funding package from Lloyds Banking Group which included a capital loan repayment holiday for the next six months. This has enabled the company to maintain wine production and on site bottling operations and manage an uplift in demand from customers for its award winning wines, whilst also being able to meet its own operational overheads and staff costs.

Harvey & Brockless Limited - food supplier, London

Harvey & Brockless Limited is a wholesale food supplier in London with sites across the UK including in Devon and Worcestershire. Barclays provided the firm with an overdraft facility for an initial period of 10 months, to provide funding support during this difficult period.

Marches Bottling and Packaging ?  firm producing hand sanitiser, Herefordshire

Marches Bottling and Packaging is a family business based in Herefordshire run alongside the family's cider production business, Celtic Marches Beverages. HSBC has provided the company with an overdraft facility, which it will use to help fund the production/manufacture of its new hand sanitiser being provided to key workers and members of the public.

Pebble Management Services - Agriculture, UK-wide

Pebble Management Services is a horticultural business and the largest grower of flowers in the UK totaling over 300 million plants per year. The business had to destroy stock and continue to cover costs after many of their customers closed due to Covid-19. Some of their customers have started to re-open, such as B&Q, but their income has still been impacted.  Metro Bank provided the business with £10.6 million in loans and provided a capital repayment holiday on their term debt, and allowed flexibility on their overdraft and invoice finance.