Gross lending in the second quarter reached £34.5bn, 50 per cent more than the annual total in 2019, UK Finance has found.
The trade body’s Business Finance Review showed that the majority of this was through government loan schemes, such as the coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS).
Government schemes accounted for about three-quarters of all gross lending in the first half of the year. By the end of June more than a million businesses had been approved funds through the schemes.
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.