Coronavirus business loan exceeds £71 billion

UK businesses have now borrowed over £71 billion through the government’s coronavirus business loan schemes, according to figures from HM Treasury.

The affected business sectors and areas of the country have altogether accessed to the loans of over 1.5 million.

The British Business Bank has also published the regional distribution of loans under the Coronavirus business loan schemes. They include Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). The North West reported the largest usage of the CBILS and the BBLS outside of London at 11%. This was just ahead of the East of England, which recorded a figure of 10%.

The data also revealed the uptake across sectors. According to which construction and retail industries received the highest proportion of total loans.

In the opinion of different finance analysts, many individual businesses may find themselves in financial difficulty due to coronavirus pandemic continuity. While some specific sectors are already facing significant and extended disruption in businesses.

However, the finance sector is trying best on providing the capacity and expertise to help support the turnaround of companies where possible.

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