BBB delivers £68bn of loans
Today, 17th December 2020, the government published new statistics that show businesses across the UK have to date benefitted from 1,515,280 government-guaranteed loans worth £68.1bn to support their cashflow during the crisis through schemes delivered by the British Business Bank.
This includes 1,431,987 Bounce Back Loans worth £43.5 billion, 82,618 loans worth £19.6 billion through the Coronavirus Business Interruption Loan Scheme and 675 loans worth £4.97 billion through the Coronavirus Large Business Interruption Loan Scheme. New figures for Bounce Back Loan Scheme Top-Ups reveal 62,311 loans have been approved valued at £0.56 billion.
In addition, figures for the Future Fund show that, to date, there has been £975.5m worth of convertible loans approved for 971 companies since the fund opened for applications on 20 May. This sum has been matched by at least the same amount from third-party investors.
|Cumulative number of approved facilities||Cumulative value of approved facilities||Cumulative number of applications||Application
success rate (%)
|Bounce Back Loan Scheme||1,431,987||£43.54bn||1,887,967||76%|
|Coronavirus Business Interruption Loans Scheme||82,618||£19.64bn||186,522||44%|
|Coronavirus Large Business Interruption Loans Scheme||675||£4.97bn||1,077||63%|
With so many CBIL loans being declined (56% of all applications) it’s essential that applicants don’t apply on an adhoc basis if they want their application to be successful. A good broker will determine whether or not an application may or may not be successful prior to speaking with accredited lenders and then based upon various factors seek to place that loan with lenders who are likely to make an offer.
As brokers, we have a thorough understanding of where to place your finance requirements saving you both time and energy. More importantly, we’re more likely to get you much better terms and significantly reduce the likelihood of a straightforward decline.