Companies borrow £48bn through UK coronavirus loan schemes July 21, 2020 Close to £48bn has now been lent out through the government’s coronavirus loan schemes, with the bounce back loan (BBL) programme offering by far the most support for businesses. It comes as the UK government accelerates plans to reopen the economy. Pubs, restaurants and cafes were opened at the start of this month and gyms, [...]
We’ve relaxed the rules for the Coronavirus Business Interruption Loan Scheme to give our smallest firms a chance July 30, 2020 Our government-backed loan schemes have been a demonstration of what can happen when banks, the government and businesses work together. In a time of extreme disruption and uncertainty, we got much-needed support out to businesses when they needed it most. This protected jobs and livelihoods, and meant that when we were able to start safely [...]
Government eases pressure on small businesses with further loans support September 24, 2020 The government today rolled out a much needed lifeline for small businesses struggling to stay afloat during the coronavirus pandemic by loosening the terms under which they have to pay back emergency loans. Under the new scheme, dubbed “pay as you grow” by chancellor Rishi Sunak, all businesses who have borrowed money through the Bounce [...]
Report: UK firms swimming in £70bn of unsustainable debt September 15, 2020 UK firms have racked up £70bn-worth of unsustainable debt, a new report reveals, with more than £20bn of that coming from government-backed Covid schemes. This figure is down on the previous estimation of £102bn, partially due to government stimulus packages introduced this year, data from TheCityUK revealed. Government-guaranteed lending schemes such as the coronavirus business interruption loan [...]
Coronavirus loans hit £22bn, but just 50 per cent of CBILS lending approved May 19, 2020 UK banks have only approved 50 per cent of applications to the coronavirus business interruption loan scheme (CBILS), data showed today, even as overall lending hit £22bn. CBILS lending data showed British lenders have distributed that cash to more than half a million UK companies, with over £14bn lent out in the form of bounce [...]
Nearly all SME lending is through emergency coronavirus funding July 15, 2020 The overwhelming majority of lending to SMEs since the outbreak of coronavirus has been through the government’s emergency schemes. A study by debt advisory specialist Altenburg Advisory shows 90 per cent of the £29bn in loans to SMEs in April and May came through the government’s lending schemes. Figures released by the Treasury this week [...]
Virgin Money reports dip in customer demand due to coronavirus July 28, 2020 Virgin Money has reported a dip in customer lending in the third quarter as demand for mortgages and personal loans fell due to the pandemic. However, the lender said it had not yet seen a spike in credit losses linked to coronavirus. The figures Virgin Money reported a 2.7 per cent drop in personal lending [...]
London small business boss blasts Barclays over coronavirus loan scheme May 5, 2020 Small businesses are at risk of collapse due to stringent eligibility rules for emergency coronavirus loans, the boss of a London marketing agency rejected for a loan has warned. Richard Cox, co-founder of The Village Communications, accused banks of a “complete lack of interest” in helping small firms that were struggling to stay afloat during [...]
Lloyds boss: Coronavirus business loan scheme was ‘painful’ and ‘flawed’ when launched May 4, 2020 The launch of the government’s coronavirus business loan scheme was “painful” and “flawed”, according to one of the top bosses of Lloyds Bank. David Oldfield, group director and chief executive of commercial banking at Lloyds, said today that the government’s emergency loan scheme was “cumbersome and onerous” when it launched. He added that he still [...]
Coronavirus business loans: Liberal Democrats leader calls for ‘loan marketplace’ April 27, 2020 The Treasury should create a “loan marketplace” to better facilitate the coronavirus business loan scheme, according to Liberal Democrat leader Ed Davey. Davey today called for the government to create a website for businesses to browse a wide range of emergency loan options from different banks, similar to websites such as Compare the Market does [...]