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1pm plc

Banks lend out £49bn through Covid schemes

Banks have given out £33.7bn through the bounce back loan scheme (BBLS). The programme sees the government guarantee 100 per cent of bank loans worth up to £50,000 to small businesses.

The coronavirus business interruption loan scheme (CBILS) has now seen banks lend out £12.7bn to small and medium-sized companies. The scheme has an 80 per cent government guarantee and loans can be up to £5m.

Lenders have given out £3.1bn through the coronavirus large business interruption loan scheme (CLBILS) for bigger companies. It too has an 80 per cent guarantee on loans up to £200m.

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.