Government-backed businesses loans top £31bn

THREE government-backed loan schemes for UK businesses have paid out more than £31bn to date, according to updated Treasury data on taxpayer support for firms and workers’ wages.

The latest figures showed almost 750,000 companies had seen loans approved by Sunday 31 May under the emergency COVID-19 funding initiatives; the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Bounce Back Loan Scheme (BBLS).

The data showed that £31.3bn had been paid out by banks – up from £27.5bn a week ago.

The growth continued to be led by demand for the BBLS, in which sums – 100% guaranteed by the government – can be borrowed up to a maximum of £50,000.

The Treasury said £21.3bn had been dispersed by lenders to 699,354 companies. The total number of applications for bounce back loans stood at more than 873,000.

A sum of £8.9bn had been lent to nearly 46,000 companies under CBILS, and a further £1.1bn to 191 companies as part of CLBILS, the figures showed