UK: number of approved coronavirus business interruption loans in the UK 2021
Due to the extensive economic disruption caused by the COVID-19 pandemic, the United Kingdom's Government created a range of measures to help support businesses survive the loss in revenues and cashflow. To help smaller businesses (SMEs), the Coronavirus Business Interruption Loan Scheme (CBILS) was set up. The scheme operates through the British Business Bank via more than 40 accredited lenders including high street banks, challenger banks, asset based lenders and smaller specialist local lenders. These lenders can then provide up to five million British pounds (GBP) in the form of term loans, overdraft, invoice finance and asset finance.
Between the 10th of May, 2020 and the 31st of May, 2021, the cumulative number of approved facilities through the Coronavirus Business Interruption Loan Scheme (CBILS) in the United Kingdom (UK) has reached more than 110,000 at a combined value of approximately 26 billion British pounds.
Between the 10th of May, 2020 and the 31st of May, 2021, the cumulative number of approved facilities through the Coronavirus Business Interruption Loan Scheme (CBILS) in the United Kingdom (UK) has reached more than 110,000 at a combined value of approximately 26 billion British pounds.
