• 26,300 businesses in the country have had their applications approved for either the Bounce Back Loan Scheme or Coronavirus Businesses Interruption Loan Scheme

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

As of 2 August, 26,300 firms in Northern Ireland have received support from their lender through either the Bounce Back Loan Scheme (BBLS) or Coronavirus Businesses Interruption Loan Scheme (CBILS). This means that 21 per cent of businesses in the country are backed by the banking and finance industry through a Covid-19 loan scheme.

In just over three months since the launch of the scheme, 25,500 businesses in the country have received a Bounce Back Loan, with the total value of support reaching £800 million. 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 £230 million to 800 companies in Northern Ireland through the CBIL scheme, which continues to offer a lifeline to firms across the country. 

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 Northern Ireland including CFC Interiors in Cookstown, a prominent retailer selling furniture including sofas, beds and homeware. Danske Bank supported the business with a CBILS facility to enable the business to continue trading amidst the current situation, and prepare to welcome in customers in the near future.

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

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

?£1 billion has been approved to 26,300 businesses across the country 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

Smiley Monroe - Lisburn

Lisburn-based conveyor belt manufacturer Smiley Monroe has resumed production and is preparing to bring more of its production staff back to work following a temporary closure due to the coronavirus lockdown, thanks to CBILS loan from Danske Bank.