• 88,900 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 West was 29,000 over the past five years

The banking and finance industry has provided £3.3 billion to businesses across the South West to help them get through the Covid-19 crisis, figures from HM Treasury Reveal.¹

As of 2 August, 88,900 firms in the South 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 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 over 29,000 loans and overdrafts to SMEs each year across the South West in the past five years.⁵

In just over three months since the launch of the scheme, 84,600 businesses in the region have received a Bounce Back Loan, with the total value of support reaching just over £2.4 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 £920 million to 4,300 companies in the South 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 South West including Parlour Farm Kitchens in Cirencester. The bespoke kitchen company utilised a six figure CBILS package from NatWest to safeguard 25 jobs and secure the future of the company, allowing it to continue paying suppliers and rent following three months of no income.

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

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

?£3.3 billion has been approved to over 88,900 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

Warner Cars - Gloucestershire

Lloyds Bank supported Gloucestershire-based dealership Warner Cars with a CBILS package to support the firm's working capital needs.

Papadeli - Bristol

Papadeli, a Bristol-based caterer, delicatessen and cookery school sought Bounce Back Loan support from Barclays to help its staff, as well as cover day to day costs and invest in fresh stock.