More than 69,000 Bounce Back loans worth over £ 2 billion were approved in the program’s first 24 hours, the Chancellor said.
The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received more than 130,000 Bounce Back Loan Scheme requests on the first day of the program (May 4). Over 69,000 of them were approved on day one, and lenders are working hard to process and approve the rest as quickly as possible.
Bounce Back Loans help thousands of small businesses get financing quickly at a low, affordable rate and with a 100% government backed guarantee.
Chancellor of the Exchequer, Rishi Sunak, said:
Small businesses will be the driving force behind our recovery from the pandemic, creating jobs and ensuring economic growth.
These loans will help them recover from this crisis – get money fast – so it’s great to see over 69,000 businesses benefit from it on day one.
It is vital that this rapid progress continues in the days and weeks to come.
The Bounce Back Loan Program is part of the government’s business support program which includes: £ 8bn to pay wages for staff on leave at 800,000 businesses, nearly 700,000 commercial properties benefiting from £ 8.6bn British pounds of business subsidies, generous VAT deferrals and scrapping corporate tariffs.