Responding to the
Chancellor’s announcement of changes
to the Coronavirus Large Business Interruption Loan Scheme
(CLBILS), Stephen Jones, CEO of UK Finance,
said:
“Ensuring
businesses of all sizes access the financial support they need
during these tough times is a common goal shared by Government,
banks and regulators. The banking and finance industry welcomes
HM Treasury’s reforms to CLBILS, extending the maximum loan size
available from £50 million to £200 million to help support larger
business affected by coronavirus alongside the Bank of England’s
Coronavirus Corporate Financing Fund
(CCFF).
“Over the last seven weeks,
the industry has worked tirelessly to get money to those viable
businesses that need help with firms and sole traders of all
shapes and sizes accessing billions of
pounds in loans. These
government-backed schemes are just one aspect of the range of
measures available to businesses from the banking and finance
sector. The extensive support includes working capital
extensions, overdraft extensions, capital repayment holidays and
asset-based finance, allowing businesses to access the right
support that suits their needs. We stand ready to support many
more customers in the weeks ahead.”
Ends
Notes to Editor
UK Finance is the collective voice
for the banking and finance industry. Representing more than 250
firms across the industry, we act to enhance competitiveness,
support customers and facilitate
innovation.
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HM Treasury data on lending under the
CBIL, BBL and CLBIL schemes is available here. Figures show
cumulative applications and approvals up to close of business
on 10 May 2020. These figures include data from British
Business Bank accredited lenders shared directly with HMT by
close of business on 11 May 2020. Previous UK Finance data
publications on lending under the CBIL scheme were based on
data submitted by UK Finance members only. The Government
intends to publish data on lending under the CBIL, BBL and
CLBIL schemes going forwards. For further details please
contact the HMT press office on pressoffice@hmtreasury.gov.uk
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More information on the CLBILS scheme
is available here. More information on
the CBIL scheme is available here. More information on
the BBL scheme is available here.
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The government’s ‘support
finder’ tool can help businesses and self-employed
people across the UK to quickly and easily determine what
financial support is available to them during the coronavirus
pandemic.
