The UK government has lent almost £52 billion to businesses fighting the impact of the COVID-19 pandemic with more than 121,000 firms applying for CBILS in the week to August 9 – a new record.
The Treasury said it had approved 59,520 facilities during the week, paying out a total of £13.41 billion – up from £13.08 billion in the prior week. Large business loan payouts increased by 3.98% to £3.4billion, with 896 applications and 497 approvals. Bounce Back Loan Scheme payouts increased 1.81% to £34.96 billion, while applications rose to 1.40 million and approvals grew to 1.15 million in the week.
The East of England made up 11% of the total number of CBILS loans UK-wide, the highest usage of the scheme outside London and the South East, while the North West recorded 11% of the total number of BBLS loans across Britain – again, the biggest usage of outside London and the South East.