SMEs access £2.8 billion through business interruption loan scheme

The UK's small and medium-sized enterprises (SMEs) have accessed £2.8 billion in funding through the government's Coronavirus Business Interruption Loan Scheme (CBILS), according to data published by UK Finance.

Call 01277 622888 or email info@danieljamesaccountants.co.uk

The UK's small and medium-sized enterprises (SMEs) have accessed £2.8 billion in funding through the government's Coronavirus Business Interruption Loan Scheme (CBILS), according to data published by UK Finance.

Total lending under the CBILS doubled during the week from 14 April to 21 April, with an increase of £1.45 billion.

Over 9,000 loans have been provided in the same period, with the total number approved increasing by almost 120% to over 16,600. Lenders have received over 36,000 completed applications so far. 

Commenting on the figures, Rain Newton-Smith, Chief Economist at the Confederation of British Industry (CBI), said: 'These figures show that much needed finance is reaching more and more businesses, particularly larger firms. The government and the banks are putting the shoulder to the wheel in unprecedented times.

'But while the pace is picking up, many firms are still missing out. More loans must get out the door faster for the businesses facing distress, especially smaller businesses. Finding quicker and simpler routes for smaller firms to access cash and extending repayment schedules to encourage more businesses to take them up are two ways that could make a difference.'

© 2020 Daniel James. All rights reserved. powered by totalSOLUTION

Daniel James & Partners LLP is a limited liability partnership registered in England & Wales (registered number: OC318693). The word ‘partner’, used in relation to the LLP, refers to a member of the LLP. A list of the members of the LLP, is displayed at the LLP’s registered office: Radford Business Centre, Radford Way, Billericay, Essex, CM12 0BZ, United Kingdom. We use ‘Daniel James’ to refer to Daniel James & Partners LLP.
Professional indemnity insurance is compulsory for all members of the IFA who engage in public practice. Our professional indemnity insurer is Hiscox Insurance Company Limited, 1 Great St Helens, London, EC3A 6HX.

Latest news
Contact Details

Please call:
01277 622888

Daniel James, Suite L, Radford Business Centre, Radford Way, Billericay, Essex CM12 0BZ

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

We use cookies on this website, you can find more information about cookies here.