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1pm plc

£38 billion provided to 910,000 UK businesses by lenders through Covid-19 loan schemes

More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes.

Figures published by HM Treasury today reveal that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected to be approved in the coming days as the industry continues to help the UK get through these tough times.

These figures come as recent research for UK Finance by BVA BDRC revealed that almost 90 per cent of SMEs have had their applications for a Bounce Bank Loan (BBL) or Coronavirus Business Interruption Loan (CBILS) facility approved where a final decision has been made.

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.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.