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Coronavirus borrowing now over £46 billion

UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury.

In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The BBLS remains the most widely used of the support schemes available, with over £31.7 billion lent to more than a million businesses. The BBLS allows small businesses adversely affected by the pandemic to apply for up to £50,000, with the government guaranteeing 100% of the advance.

Lenders have provided £11.9 billion to 54,500 businesses through the CBILS, while loans of £2.7 billion have been approved to over 400 mid-sized and larger UK businesses through the CLBILS.

Commenting on the figures, Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said: 'This significant level of support demonstrates the clear commitment from the banking and finance industry to help businesses get through these tough times.

'This sits alongside the broad package of measures from the industry including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance, ensuring that businesses can receive the right support that suits their needs.'