UK Finance reveals more than £1.1bn has been delivered to SMEs due to COVID19
Collective voice for the UK banking and finance industry UK Finance, has revealed that more than £1.1bn has been lent to SMEs.
So far just over 6,000 loans have been distributed, average loan sums exceeding £185,000.
All this lending is being done through the Coronavirus Business Interruption Loan Scheme (CBILS).
In the past week alone total lending through the scheme has increased by £700m and over the bank holiday weekend £300m worth of loans were provided.
Chief executive of UK Finance Stephen Jones said:
"I am grateful that so many colleagues worked through the bank holiday so that over £1bn of support has now been delivered to businesses. We expect this figure to continue to grow rapidly as lenders work hard to help get Britain through the current crisis."