As UK firms struggle for liquidity £1.33bn in loans was approved between 21 April 2020 and 28 April 2020.
UK lenders have now given out over £4.1bn to SMEs through the Coronavirus Business Interruption Loan Scheme (CBILS), according to the latest figures from UK Finance
Since last week, the total number of loans approved through the scheme has increased by over 50 per cent from over 16,600 to over 25,200.
There have been nearly 53,000 applications to the government-backed scheme, meaning the approval rate is at just under 50 per cent.
Just two weeks ago, the government had only approved 6,000 loans through CBILS.
The average amount dished out by the government has decreased from roughly £190,000 two weeks ago to under £165,000 now.
Stephen Jones, chief executive of UK Finance, said: “The changes to the scheme announced by the Chancellor this week will enable lenders to streamline their application processes and help even more businesses access the support they need.”
“This extensive support will be complemented by the new Bounce Back Loans scheme targeted at smaller businesses, which lenders are now working at pace to get up and running from Monday,” he added.
Starling has also said it will participate in the Bounce Back Loan Scheme announced by the government on Monday.