Bounce Back Loans pass one million milestone

The Government has now helped deliver more than one million Bounce Back Loans to businesses affected by Covid-19, the latest figures have revealed.

According to the official weekly update, approximately 1,013,410 Bounce Back Loans worth £30.93 billion have been approved to help boost the cash flow of vulnerable businesses throughout the pandemic.

Under the Bounce Back Loans scheme, businesses who have lost revenue as a result of the pandemic can apply for up to £50,000 at a low and affordable rate. The 100 per cent Government-backed loans come interest and fee-free for the first 12 months with no repayments due until the second year.

Successful applicants also usually see Bounce Back Loans land in their bank account “within days”, the Government claims.

Commenting on the success of the scheme, Chancellor Rishi Sunak said: “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.”

The weekly finance tracker also reveals that 1,067,340 government-guaranteed loans worth a total of £45 billion have been approved to date. In addition to the Bounce Back Loans, this figure includes 53,536 Coronavirus Business Interruption Loans worth over £11 billion and 394 Coronavirus Large Business Interruption Loans worth over £2.58 billion.

The news comes as Funding Circle, Maven Capital Partners and Satago join the list of nearly 100 accredited lenders offering coronavirus business loans.

Please get in touch with our Corporate Team today for further information about the Bounce Back Loans and any of the other Covid-19 loan schemes. 

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Maung Aye
Maung is a partner in our Corporate and Commercial department. He joined Mackrell.Solicitors following corporate law positions in London and in a leading regional firm in Essex. Maung read European Legal Studies at Lancaster University and the Università degli Studi di Trento and is a fluent Italian speaker.