The Government have released the latest statistics for their government-guaranteed COVID loan schemes which were introduced to support business through the coronavirus – namely, CBILS, CLBILS and BBL.
And it is fair to say that there has been a wide take-up of the various schemes. In total, £75bn(!) was lent to businesses during this period, with over 1.6million loans given out. The breakdown is as follows:
- £46.5bn in 1,531,095 loans for BBLS.
- £23.3bn in 98,344 loans for CBILS.
- £5.3bn in 716 loans for CLBILS.
- Additional £1.2bn for Future Fund to 1,236 companies (closed on 31 January 2021)
But the real questions are harder to answer, has it helped? Or has it helped enough? What will it mean for the future of lending to small businesses?
The Government has announced the introduction of the Recovery Loan Scheme, which will take the place of the above schemes from the beginning of April. How will this scheme compare? And will it help small businesses during the economic recovery from the pandemic?
Time will tell!
We will, of course, keep you posted as we know but, in the meantime, ASC is available to help secure finance for your business whether in the form of government-backed loans or private financing. Get in touch with your local ASC office to find out more.