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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).

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.”

 

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