The Treasury said over 745,000 loans had been approved by lenders through its various schemes
More than £3.8bn in lending has been provided to 94,000 firms through these schemes in the past week alone
Lenders have approved over £31.3bn in funding through government-backed coronavirus schemes, according to new figures from the Treasury.
The Treasury said over 745,000 loans had been approved by lenders through the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) in a little over two months.
In the past week alone, more than £3.8bn in lending has been provided to 94,000 firms through these schemes.
The figures show that, as of 31 May, lenders have provided £21.3bn through the Bounce Back Loan Scheme, and £8.9bn through the Coronavirus Business Interruption Loan Scheme to almost 46,000 businesses.
The number of businesses that have received financial support through the Coronavirus Large Business Interruption Loan Scheme for larger and medium-sized businesses increased by 191, totalling just over £1.1bn.
“These figures show that the banking and finance sector is committed to playing its part in helping businesses across the UK through these tough times,” said Stephen Jones, CEO of UK Finance.
“The amount of support available to firms affected by the Covid-19 crisis is unparalleled. Over £31bn has been approved in government-backed lending schemes so far to almost 750,000 businesses, with a further £19bn drawn under bank-arranged commercial paper facilities.
“But government-backed loans are not the only support the banking and finance sector has made available. Over the past few months, lenders have put in place a clear plan to support businesses in every region of the country, including through offering extended overdrafts, capital repayment holidays and asset-based finance to businesses that need support.
“It’s 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.”
Larger companies have been able to access funding via a separate Bank of England Covid Corporate Financing Facility (CCFF).
The BoE will publish details of firms that have accessed the CCFF programme and the amount they borrowed each week starting from Thursday.