Lenders have provided firms with £34.9bn through the three major government-backed lending programmes to date, figures from the HM Treasury has revealed.
In the past week alone £3.6bn has been granted to 85,000 businesses.
Some £23.8bn has been provided through the Bounce Back Loans scheme, £9.6bn through the Coronavirus Business Interruption Loan Scheme (CBILS), and £1.6bn to 244 larger businesses via the Coronavirus Large Business Interruption Loan Scheme.
Mike Conroy, director of commercial finance, UK Finance, said: “The banking and finance sector has a clear plan to help businesses of all sizes get through these challenging times.
“The industry acknowledges the role it must play and is providing an unprecedented level of support, with £35bn approved to 830,000 businesses through government-backed lending schemes in less than three months.
“This sits alongside the broad package of measures the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment holidays.
“It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”
This post has originally been featured in Property Wire.