The government has approved more than a million bounce back loans for small businesses to help them survive the coronavirus crisis.
Figures published on the eve of the chancellor’s summer economic update show that loans worth £30.93bn have been approved to date.
The data also reveals businesses have benefitted from 53,536 loans worth more than £11.4bn through the Coronavirus Business Interruption Loans Scheme.
While 394 large businesses have received £2.58bn via the Coronavirus Large Business Interruption Loan Scheme, and over £379m has been invested in 376 companies through the Future Fund.
The million milestone for the Bounce Back Loan Scheme was welcomed by the chancellor.
Small companies across the country, which could include advice firms, have accessed loans of up to £50,000 to help them through the pandemic.
Rishi Sunak says: “Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis.
“We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff.
“I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small business as they reopen their doors in the weeks ahead.”
Business secretary Alok Sharma adds: “As we get Britain’s economic engines firing again, we will not only support businesses to get back on their feet, but also do all we can to level up the economy across every part of our country.”
