• 117,100 businesses in the region have had their applications approved for either the Bounce Back Loan Scheme or Coronavirus Businesses Interruption Loan Scheme
• Before the pandemic, the average number of loans and overdrafts approved each year to SMEs in the North West was 23,600 over the past five years

The banking and finance industry has provided almost £4.45 billion to businesses across the North West to help them get through the Covid-19 crisis, figures from HM Treasury Reveal.¹

As of 2 August, 117,100 firms in the North West have received support from their lender through either the Bounce Back Loan Scheme (BBLS) or Coronavirus Businesses Interruption Loan Scheme (CBILS). This means that 20 per cent of businesses in the region are backed by the banking and finance industry through a Covid-19 loan scheme.

Putting this unprecedented relief into context, the ten largest banking groups provided an average of 23,600 loans and overdrafts to SMEs each year across the North West in the past five years.⁵

In just over three months since the launch of the scheme, 112,400 businesses in the region have received a Bounce Back Loan, with the total value of support reaching £3.3 billion. Aimed at small and micro businesses, these loans are 100 per cent government-backed and provide finance between £2,000 and £50,000.

Lenders have also provided finance worth £1.1 billion to 4,700 companies in the North West through the CBIL scheme, which continues to offer a lifeline to firms across the region. 

Supporting businesses of all sizes during these challenging and uncertain times remains lenders? top priority. Alongside the government-backed lending schemes, the industry has a broad range of additional measures for businesses whose finances continue to be squeezed, from working capital extensions, to overdraft extensions and capital repayment holidays.

The support has helped a range of businesses across the North West including Sachets, a family-run manufacturing business in Oldham, which obtained a £1.8m Coronavirus Business Interruption Loan from NatWest. The facility helped fund its expansion programme and allowed the firm to increase production of anti-bacterial and anti-viral products as part of the fight against the pandemic.

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

Lenders understand that times are tough for businesses in the North West, but the finance industry has a clear plan to help them get through this crisis.

?£4.45 billion has been approved to 117,100 businesses across the region through government-backed lending schemes, providing a life-line for many businesses hit by the economic shock created by Covid-19.

?Whether you?re a sole trader or a company with hundreds of employees, the banking and finance industry stands ready to offer the right support to suit your needs.

?Businesses should remember that any lending provided under government-backed schemes is a loan not a grant, and so should carefully consider their ability to repay before applying.

Case studies

Please find a selection of further 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

William Lea - Chester

William Lea, a flooring specialist, secured a CBILS facility with Lloyds Bank that allowed the firm to both maintain its working capital needs and fulfil essential contracts to supply the NHS Nightingale Hospital North West.

Bark Engineering - Lancashire

Bark Engineering provides steel fabrication work as well as laser cutting and steel processing. The business secured a CBILS loan through Barclays, which will not only help to support their team of 20 staff, but will also enable them to fulfil big incoming enquiries such as producing ventilator boxes to support coronavirus medical efforts, that will continue to sustain the business.

Ducati Manchester - Manchester

Ducati Manchester, a chain of motorbike showrooms in the region, was unable to trade due to the measures that were put in place. Santander UK supported the business with a £200,000 CBILS package and capital repayment holiday, allowing the firm to continue to pay its ongoing costs throughout the lockdown.