Stephen Pegge, managing director of commercial finance at UK Finance, said: “The banking and finance industry is continuing to deliver on our plan to help businesses of all sizes get through these challenging times.
“Just over three months since the first of the Covid-19 lending schemes launched, over one million businesses have been supported thanks to the tireless efforts of staff working on the ground.”
Businesses large and small and from all parts of the economy have taken advantage of the scheme and of the Coronavirus Business Interruption Loan Scheme (CBILS).
Bikes-to-car parts seller Halfords, which has seen its motoring arm hit by the lockdown keeping cars off the road, today secured £25 million through CBILS.
It will use the funding, which was equally split between HSBC, Barclays and Lloyds, to bolster its balance sheet as it handles the fallout from Covid and the gradual return of traffic to the roads.
Pegge added: “Today’s figures represent part of an unparalleled package of support from the industry which includes commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.”
It is not clear how big the BBLS balance sheet could get, but there are already another 240,000 pending loan applications.
