Coronavirus loan schemes supported 1.67m businesses across the UK
New statistics published by the government show that businesses across the UK have benefited from 1,670,939 government-guaranteed loans worth a total of £79.3bn.
The loans helped support business cashflow during the coronavirus crisis and were delivered by the British Business Bank.
They include 1,560,309 Bounce Back Loans worth £47.36bn, 109,877 Coronavirus Business Interruption Loan Scheme (CBILS) loans worth £26.39bn and 753 Coronavirus Large Business Interruption Loan Scheme (CLBILS) loans worth £5.56bn.
New figures for the Bounce Back Loan Scheme (BBLS) Top-Ups reveal an additional 106,660 loans have been approved worth £0.95bn.
CBILS, CLBILS and BBLS all came to an end on 31 March 2021. They have been replaced by the Recovery Loan Scheme (RLS).
New data published by the British Business Bank also reveals the detailed regional and sectoral distribution of loans under CBILS and BBLS.
The data shows that the proportion of overall loans in each of the nine English regions and three devolved nations matches closely their respective share of the UK business population.
The North West reported the largest usage of CBILS and BBLS (11%) outside London and the South East (34%), ahead of the East of England (10%).
By sector, the construction (17%) and wholesale and retail (15%) sectors received the highest proportion of total loans.
For CBILS, the manufacturing sector accessed a significantly higher proportion of loans (14%) than its share of the business population (5%), followed by wholesale and retail (17% v 9.2%).
For BBLS, the wholesale and retail sector accessed a significantly higher proportion of loans (15%) than its share of the business population (9%). The construction sector accessed the highest proportion of BBLS loans overall (17%).
Catherine Lewis La Torre, CEO of the British Business Bank, said: “The COVID-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cashflow concerns for many.
"We’re pleased to see evidence that they have helped smaller businesses right across the UK and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”
- Analysis of final coronavirus loan scheme data shows that £79.3bn of loans were distributed to 1.67m businesses across the UK.
- Wholesale and retail sector received the highest value of coronavirus loans (£12.4bn), followed by construction (£11.7bn).
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