Coronavirus Loan Schemes Statistics

It’s no surprise that the Government-backed Coronavirus loan schemes have been in demand since they were announced. They have helped thousands of businesses across the UK to survive the rollercoaster that has been the last twelve months. As the CBILS and Bounce Back loans are only available until the 31st March, I thought it would be interesting to look at some for the statistics around them.

They make impressive reading!

(Figures as of 21st March 2021)

(*The value of BBLS facilities includes BBLS loans that have been ‘topped up’. One topped up loan is reported as one loan to avoid double counting the number of facilities approved.)

(**The approved value refers to the total credit line for all 304 eligible firms, which eased at c. £104bn. The total issued into the scheme by 107 firms was c. £38bn.)

Highlights:

• More than 1.6 million businesses have drawn finance from one of the schemes, listed above.
• Three Bounce Back loans were issued every minute since they were launched in May 2020.
• Almost £180 billion has been lent since March 2020 under these schemes, to over a quarter of the businesses in the UK.
• The new Recovery Loan Scheme will replace CBILS and Bounce Back Loans, and will run until December 2021.

You can find more data here.

As ever, if you’re concerned about cashflow or finance for your business, please get in touch. We can help you review your forecasts (or help you create some if necessary) for the coming months to identify and address any looming gaps, and can help with obtaining finance where necessary. Please don’t put off starting any application as any funds will take time to come through!