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Business: Coronavirus

Question for Treasury

UIN HL8456, tabled on 24 September 2020

To ask Her Majesty's Government what assessment they have made of the support (1) banks, and (2) other financial institutions, are providing to businesses trading in the UK during the COVID-19 pandemic.

Answered on

5 October 2020

To support businesses and relieve pressure on their finances and cashflow, the government launched three loan guarantee schemes to give banks and other lenders the confidence they need to lend to businesses: the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), and Bounce Back Loan Scheme (BBLS). As of 20 September, over £57bn has been approved under the three schemes. On the 24th September, the Chancellor announced an extension to the deadline for new loan applications for CBILS, CLBILS, BBLS and the Future Fund to 30 November.

The Government also recognise the vital role that non-banks and challenger banks play in the provision of credit to SMEs. We are grateful for the way the sector has responded to the current crisis, and we remain committed to promoting competition and widening the funding options available to UK businesses.

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