HM Treasury figures show over 1.6m UK businesses borrowed more than £75bn through government-backed coronavirus lending schemes in the last year. The Bounce Back Scheme was accessed by more than 1.5m firms; the Coronavirus Business Interruption Loan Scheme (CBILS) has provided £23.3bn in financial support to more than 98,000 businesses; and £5.3bn in lending has been provided to 716 businesses through the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Meanwhile, the British Chambers of Commerce has alerted Downing Street to the high levels of debt taken on by businesses, with a recent poll finding more than a quarter described debts as unmanageable or “high and manageable”.
Read more: Financial Times
Visit our website here for more news and product information, or click the button below to submit a short enquiry form for your finance needs.