UK Finance has reported that the banking and finance sector has lent more than £5.5bn so far to small and medium enterprises (SMEs), through the Coronavirus Business Interruption Loan Scheme (CBILS).
Almost £1.4bn worth of loans were provided in the week from 29 April to 6 May alone.
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 10 more lenders for accreditation under the scheme this week, bringing the total number to 63.
Lenders have received 62,674 completed applications so far.
Stephen Jones, chief executive of UK Finance, said: “The banking and finance industry is committed to helping viable businesses of all sizes get through these tough times.
“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 [BBL] 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.
“It’s important to remember that any financing provided under the CBIL or BBL schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”