British Business Bank support schemes delivers over £75bn of loans to 1.6 million smaller businesses
The government has published new statistics that show businesses across the UK have to date benefitted from 1,630,155 government-guaranteed loans worth £75.1bn to support their cashflow during the crisis through schemes delivered by the British Business Bank.
This includes 1,531,095 Bounce Back Loans worth £46.5bn, 98,344 loans worth £23.3 billion through the Coronavirus Business Interruption Loan Scheme and 716 loans worth £5.3bn through the Coronavirus Large Business Interruption Loan Scheme. New figures for Bounce Back Loan Scheme Top-Ups reveal 101,666 loans have been approved valued at £0.9bn.
The Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme and the Bounce Back Loan Scheme all close on 31 March 2021. The new Recovery Loan Scheme will open for applications on 6 April 2021.
In addition, figures for the Future Fund show that, to date, there has been £1.2bn worth of convertible loans approved for 1,236 companies since the fund opened for applications on 20 May.
This sum has been matched by at least the same amount from third-party investors. The Future Fund closed for applications on 31 January 2021.
|Cumulative number of approved facilities||Cumulative value of approved facilities||Cumulative number of applications|
|Bounce Back Loan Scheme||1,531,095||£46.5bn||2,056,587|
| Bounce Back Loan Scheme
N.B. value of top-ups also
included in the headline
figure of BBLS value of
|Coronavirus Business Interruption Loans Scheme||98,344||£23.3bn||233,247|
|Coronavirus Large Business Interruption Loans Scheme||716||£5.3bn||1,130|
The management information for CBILS, CLBILS and BBLS is reported on behalf of British Business Bank accredited lenders as shared directly with HMT by close of business on 22 March 2021. The Future Fund data is reported on behalf of the British Business Bank.
The applications figure includes approved applications, those applications that are still to be processed, applications that have been declined and those applications that may turn out not to be eligible or cases where customers will decide not to proceed. For CBILS, this number will also include a number of applications that have subsequently been converted to applications for the BBLS scheme. For Future Fund, the number of applications includes only those where both a company and their lead investor have submitted information.
Future Fund opened for applications on 20 May 2020. Provided that applicants provide the information required during the application process in a timely manner, it is expected that the process will take a minimum of 21 days from initial application to funding being made available.
Convertible loans are reported as approved at the point the Convertible Loan Agreement document is issued by Future Fund for signature. The time to applicants subsequently receiving funds will depend on the speed with which they complete the documentation.