By Aisling Finn on Tuesday 16 June 2020
Lending has slowed for the third week in a row for the CBILS and CLBILS programmes, but the Bounce Back Scheme appears to have bounced back.
The UK’s banks and non-bank lenders have handed out over £38.2bn in government-backed loans since the start of the coronavirus crisis.
Bounce Back Loans remain the most popular government offering, with lenders having dished out over £26.3bn to the UK’s smallest businesses.
In the last week alone, £2.56bn has been lent out under the 100-per-cent-backed scheme, a slight increase on the week before.
For the third week in a row, lending under both the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) has slowed.
A total of £10.11bn has been dished out under CBILS, an increase of only £550m from the week previous.
CLBILS trails even further behind with only £1.77bn having been lent out, an increase of £200m from the week beginning 7 June 2020.
Similarly, Bounce Back Loans still have the highest rate of approval, sitting at just over 81 per cent and applications to the scheme have now surpassed 1m.
CBILS still has an acceptance rate of just over 51 per cent and CLBILS trails behind with an acceptance rate of 42 per cent, a slight increase on 40 per cent from the week previous.
HM Treasury has also released updated figures for the Future Fund, which is aimed at companies that can’t access the other government-backed schemes on offer.
To date, there have been 577 applications to the programme, with 155 convertible loans approved, a huge jump from just 53 the week before.
The value of the 155 convertible loans currently sits at £146m and several fintechs are currently raising under the Future Fund, including peer-to-peer lender Assetz Capital which is hoping to receive a slice of the £500m programme.