• 151,500 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 South East was 28,900 over the past five years

The banking and finance industry has provided £5.9 billion to businesses across the South East to help them get through the Covid-19 crisis, figures from HM Treasury Reveal.¹

As of 2 August, 151,500 firms in the South East have received support from their lender through either the Bounce Back Loan Scheme (BBLS) or Coronavirus Businesses Interruption Loan Scheme (CBILS). This means that 16 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 28,900 loans and overdrafts to SMEs each year across the South East in the past five years.⁵

In just over three months since the launch of the scheme, 144,200 businesses in the region have received a Bounce Back Loan, with the total value of support reaching £4.3 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 £1.6 billion to 7,400 companies in the South East 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 South East including Marwell Zoo, a 140 acre zoo in Hampshire. The business re-opened in July, supported by a £4.3 million CBILS package from NatWest. The funding enabled the charity that owns the zoo to continue caring for its 2,000 animals across the park, but also to maintain its participation in several charity and academic projects across the world.

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

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

?£5.9 billion has been approved to 151,500 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

Lucas UK - Wrotham

Lucas UK, a construction and fit-out specialist, sought a seven figures CBILS support package from HSBC UK to enable the company to adapt its operations and support cash flow throughout the pandemic.