As of July 5, the Bounce Back Loan Scheme (BBLS) has helped just over one million small and micro businesses across the UK gain access to £30.9bn, to help absorb the economic shock. According to the data, there are over 200,000 businesses that applied for the BBLS, but are either yet to be approved, may have been rejected or withdrew their application.
The Coronavirus Business Interruption Loan Scheme (CBILS) has also provided £11.49bn in funding to small and medium-sized businesses in the UK. While 107,309 businesses applied, less than half (53,536) have been approved for the loan as of July 5.
Responding to the new Treasury figures, managing director of commercial finance at UK Finance, Stephen Pegge said: “It is important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”
1pm plc (LON:OPM), established in 2006 is an independent provider of finance facilities to the SME sector. The 1pm plc group offer a full range of business finance solutions to the UK market from asset finance, hire purchase, commercial loans through to invoice finance and factoring.