At least 1.4 million UK businesses have borrowed more than £61bn from government-backed lending schemes since March, new HM Treasury figures have shown.
According to the latest data, as of 18 October 2020, £17.16bn has been lent out via the coronavirus business interruption loan scheme (CBILS), while £4.57bn had been lent via the coronavirus large business interruption loan scheme (CLBILS).
Meanwhile, £40.2bn has been lent to small businesses through the bounce back loan scheme. This means that the total value of loans made available to UK-based businesses since March 2020 is £61.93bn.
1pm plc (LON:OPM), established in 2006 is an independent provider of finance facilities to the SME sector. The 1pm plc group offer a full range of business finance solutions to the UK market from asset finance, hire purchase, commercial loans through to invoice finance and factoring.