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Over a million bounce back loans approved for small businesses

Wednesday July 8th, 2020

On the eve of the Chancellor’s summer economic update in Parliament, new figures reveal that the number of Bounce Back loans approved for small firms to help them survive the Coronavirus pandemic has passed the one million milestone.Rushi Sunak

The Bounce Back Loan Scheme has been a success in providing firms with vital government-backed loans at a low, affordable rate and with no interest or repayments due in the first year. Today’s update shows that loans worth £30.93 billion have now been approved to date.

Small companies across the country have accessed loans of up to £50,000 to help them through the pandemic, reaching businesses within days- providing immediate support to those that need it as easily as possible.

Among the million businesses who have benefitted so far are Birmingham-based biscuit maker The Shortbread Company and Willow Bridal Boutique in Cheshire.

The Bounce Back Loan scheme is one part of the government’s package of business support that includes: £27.4 billion to pay the wages of furloughed staff at 1.1 million firms, over 860,000 business properties benefiting from £10.5 billion of business grants, generous VAT deferrals and scrapping businesses rates.

These figures also reveal that businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption Loans Scheme, 394 large businesses have benefitted from £2.58 billion via the Coronavirus Large Business Interruption Loan Scheme, and over £379 million has been invested in 376 companies through the Future Fund.

Welcoming the milestone, Chancellor Rishi Sunak said:

“Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis.

We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff.

I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small business as they reopen their doors in the weeks ahead.”

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