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1st June 2020

Lenders fund £27.5bn of coronavirus business support

Lenders have approved £27.5bn of emergency finance to businesses during the coronavirus crisis with most coming from the bounce back loans scheme, government figures show, according to a report by Peer2Peer Finance News. Treasury data as of 24 May showed more than 650,000 businesses have accessed coronavirus-linked finance schemes. The coronavirus business interruption loans scheme (CBILS), which launched in April offering loans worth up to £5m, has provided £8.1bn of finance to 43,045 businesses out of 84,607 applications. This is an approval rate of 50.8 per cent.

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