The banking and finance industry has approved over £22bn in loans to 505,043 businesses so far through government-backed lending schemes.
Figures published by HM Treasury showed that in the last week alone upwards of £7bn has been provided to businesses.
The funds have been lent via the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Bank of England data shows that this is around seven times the weekly value (£1bn) of all new loans approved for small to medium enterprises (SMEs) in the year to February 2020.
Lenders have provided £14.18 billion through the BBL scheme in the two weeks since its launch, rising by £5.8 billion in the past week.
The number of loans approved has increased by 73% to 464,393; on average, more than 33,000 loans have been granted each day since the scheme launched on 4 May.
£7.25bn has been approved to 40,564 businesses through CBILS.
The number of mid-sized and larger UK businesses which have received financial support through CLBILS increased to 86, with total lending of £590 million.
Changes announced by HM Treasury mean that businesses will now be able to apply for loans of up to £200m through CLBILS.
Businesses can now access CBILS from nearly 70 providers and BBLS from 17 lenders.
Stephen Jones, chief executive at UK Finance, said: “The banking and finance industry is committed to helping businesses get through these tough times, with over £22bn of lending provided to almost half a million businesses through government-backed schemes so far and a further £18.8bn drawn under bank arranged commercial paper facilities.
“Banks stand ready to support businesses large and small, and the changes announced by HM Treasury means firms can access loans from £2,000 to £200 million through the coronavirus loan schemes.
‘These are just one part of a range of measures from the industry available to businesses including extended overdrafts, capital repayment holidays and asset-based finance.
“It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”