0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

UK Finance says 2,500 firms have taken emergency loans

UK Finance has revealed that £453m worth of loans has been approved for 2,500 businesses through the Coronavirus Business Interruption Loan Scheme (CBILS).

Share on LinkedInShare on TwittereCard

After various reports on the volumes of calls to banks on the scheme, and how many loans had been approved, UK Finance will now be publishing data on the levels of finance provided and backed by CBILS every Wednesday.

 

UK Finance explained that businesses do not need to contact the British Business Bank to access the scheme.

 

All lenders are now individually providing guidance on the best way to access support on their websites. More than 300,000 enquiries on the interruption loans have flowed into banks, a figure that surged after they were revamped, but not all enquiries lead to applications.

 

A UK Finance spokesperson said: “On top of the significant commercial lending being made available to help SMEs, tens of millions of pounds are being provided to businesses each day through CBILS and with no interest or fees to pay for the first year of a CBILS loan.

 

“Lenders have been working closely with the government and British Business bank since implementation to ensure the scheme can operate in the best way possible to get money to viable businesses that need it.”

 

Share on LinkedInShare on TwittereCard
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

“The money would be better invested elsewhere” – broker body on Stamp Duty cut

“The money would be better invested elsewhere” – broker body on Stamp Duty cut

HMRC takes first major action to combat furlough fraud

HMRC takes first major action to combat furlough fraud

NatWest index reveals Covid-19 impact on household finances, as savings build to £3.7bn

NatWest index reveals Covid-19 impact on household finances, as savings build to £3.7bn

Upcoming events


Lending Summit


Women in Credit Awards


Credit 500 Gala Dinner

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group