SMEs access £2.8 billion through business interruption loan scheme

The UK's small and medium-sized enterprises (SMEs) have accessed £2.8 billion in funding through the government's Coronavirus Business Interruption Loan Scheme (CBILS), according to data published by UK Finance.

Total lending under the CBILS doubled during the week from 14 April to 21 April, with an increase of £1.45 billion.

Over 9,000 loans have been provided in the same period, with the total number approved increasing by almost 120% to over 16,600. Lenders have received over 36,000 completed applications so far. 

Commenting on the figures, Rain Newton-Smith, Chief Economist at the Confederation of British Industry (CBI), said: 'These figures show that much needed finance is reaching more and more businesses, particularly larger firms. The government and the banks are putting the shoulder to the wheel in unprecedented times.

'But while the pace is picking up, many firms are still missing out. More loans must get out the door faster for the businesses facing distress, especially smaller businesses. Finding quicker and simpler routes for smaller firms to access cash and extending repayment schedules to encourage more businesses to take them up are two ways that could make a difference.'

Latest News

Robert S Boys Chartered Accountants
28-30 Grange Road West
Birkenhead
Wirral
Merseyside
CH41 4DA


Home | Contact us | Site map | Accessibility | Disclaimer | Privacy Notice | Help |

© 2020 Robert S Boys Chartered Accountants. All rights reserved. powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Robert S Boys is the trading name of Robert S Boys Ltd. Robert S Boys is registered in England & Wales. Registered office address: 28-30 Grange Road West, Birkenhead, Wirral, Merseyside CH41 4DA. Registered in England No: 07478154.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Partner Re Ireland Insurance Limited (Underwritten by on behalf of Nexus Underwriting Ltd) 150 Leadenhall Street, London, EC3V 4QT. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada. We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference C006982141.