• 88,500 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 West Midlands was 19,900 over the past five years

The banking and finance industry has provided £3.46 billion to businesses across the West Midlands to help them get through the Covid-19 crisis, figures from HM Treasury reveal.¹

As of 2 August, 88,500 firms in the West Midlands have received support from their lender through either the Bounce Back Loan Scheme (BBLS) or Coronavirus Businesses Interruption Loan Scheme (CBILS). This means that 18 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 just under 19,900 loans and overdrafts to SMEs each year across the West Midlands in the past five years.⁵

In just over two months since the launch of the scheme, 84,800 businesses in the region have received a Bounce Back Loan, with the total value of support reaching £2.6 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 £870 million to 3,800 companies in the West Midlands 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 West Midlands including Home Farm Attingham, a family-run dairy farm in Atcham. The business received a £50,000 Bounce Back Loan from Barclays to cover expenditure in preparation for winter operations and to keep the enterprise running through the lockdown period, meaning that it was able to mitigate the impact of losing a significant amount of tourism traffic through its tearooms.

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

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

?£3.46 billion has been approved to over 88,500 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

Halfpenny Green Wine Estate - South Staffordshire

Halfpenny Green Wine Estate, a wine producer and retailer with an on-site restaurant and tea room, secured a funding package from Lloyds Bank helping it to continue operating despite the closure of its customer-facing premises, and allowing it to meet a surge in demand for its wines.