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Construction revealed as top sector for emergency loans

Construction companies have taken on more emergency loans than any other industry, the British Business Bank has revealed.

Building firms have taken just over 218,000 loans across the Coronavirus Business Interruption Loan (CBILS) and Bounce Back Loan schemes. The next highest borrowing level was seen in the motor trade, which has taken out 207,000 loans.

Construction was the second highest borrower by value, with £7.93bn worth of loans agreed up to 4 October. The only sector to take on more debt was the motor industry, which agreed loans to the value of £9.56bn.

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