U.K. Funds to SMEs Via Virus Plan Up £1.45 Billion in One Week
The U.K. finance sector has channeled more than 2.8 billion pounds ($3.5 billion) of loans to small- and medium-sized companies through the relief plan targeting those affected by the coronavirus pandemic.
Lending to SMEs through the Coronavirus Business Interruption Loan Scheme increased by 1.45 billion pounds in the week ended April 21, doubling total funding so far, according to data compiled by lobby group U.K. Finance.
More than 9,000 loans were given in the period, more than doubling total approvals to over 16,600.
Companies in the U.K. have continued to bear the weight of lock-down measures put in place by the government to stem the contagion of the coronavirus, which keeps doors shut and money from flowing into cash registers. The government has deployed a number of plans to support companies, including furlough support, payment holidays and loans.
Last week, U.K. Finance had said about 1.2 million customers were granted a mortgage holiday between March 17 and April 8.
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