The banking and finance sector has lent over £5.5bn to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), according to UK Finance.
Almost £1.4bn worth of loans were provided in the week from 29 April to 6 May as lending under the scheme continues to grow. The number of approved loans grew by a third over the same period, increasing by 8,550 to 33,812.
The British Business Bank approved ten more lenders for accreditation under the CBIL scheme this week, bringing the total number of accredited lenders to 63.
Lenders have received 62,674 completed applications under the CBIL scheme so far.
33,812 of these applications have been approved to date, while more applications are still being processed and are expected to be approved over the coming days.
The Government intends to publish CBILS data going forwards.
Stephen Jones, chief executive of UK Finance, said: “Bank staff have worked tirelessly over the past week to provide businesses with the finance they need, delivering another £1.4bn of lending under the CBIL scheme, on top of over £2bn in Bounce Back Loans targeted at smaller firms and sole traders.
“This forms part of the industry’s broad package of tailored support for SMEs, with thousands of other businesses having their existing overdrafts increased, accessing new loans and asset-based finance or receiving capital repayment holidays on existing facilities.”