Figures released on 22/10/20 from British Business Bank reveal the level of support given thus far to UK businesses, since the start of the pandemic.
Via the Bounce Back Loan Scheme £40.2Billion has been provided to over 1.3million businesses, suggesting an average loan size of £30k.
Via the CBILS some £17Billion has been lent to just over 73k businesses indicating an average loan size in the region of £230k.
Via the Large Business scheme £4.5Billion has been provided to 623 businesses with an average therefore around £7Million
Overall, including the Future Fund (£770Million) support totals £61.9Billion. A staggering figure. I have written previously about concerns https://factoringpartners.co.uk/2020/10/07/should-we-be-worried-about-the-cbils/ and these concerns and observation remain valid.
One aspect not mentioned above is the British Business Banks comment that 42% of Future Fund facilities have been delivered outside London. The BBB mentions this a couple of times so is clearly emphasising the point; it means 58% of facilities have been provided to London based businesses;
and now the government have announced the extension of the schemes thru jan next year