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Treasury lending to businesses passes £40bn

25th June 2020

Almost a million UK businesses have secured emergency finance from government-backed schemes since the COVID-19 outbreak.

Figures from the Treasury published on 23 June 2020 showed 972,278 firms each had a slice of more than £40 billion in one of three schemes.

Over £28.09bn has been provided through bounce-back loans to date, followed by £10.53bn in coronavirus business interruption loans (CBIL).

A further £2.10bn went out in business interruption loans to large businesses, taking the total amount of emergency funds supplied past £40bn.

Stephen Pegge, managing director of commercial finance at UK Finance, said:

"Across all the government-backed schemes, lenders have now provided over 970,000 business with £40 billion in finance.

"Three months on from the launch of the first support measure, the CBIL scheme has helped 50,000 UK businesses access the finance they need.

"It's important to remember that any lending provided under government-backed schemes is a debt not a grant.
"Firms should carefully consider their ability to repay before applying."

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