More than 910,000 businesses have accessed funds, equalling a total of £38.2bn, through the government’s COVID-19 loan schemes.
Figures published by HM Treasury have revealed that £3.3bn has been approved to 83,000 businesses through COVID-19 loan schemes in the past week alone.
Research for UK Finance by BVA BDRC revealed that almost 90% of small and medium enterprises (SMEs) applying for the Bounce Back Loan (BBL) scheme or Coronavirus Business Interruption Loan Scheme (CBILS) have been approved.
The banking and finance industry has provided loans to more than 860,000 businesses through the BBL scheme since it was launched six weeks ago, an average of more than 140,000 per week.
These businesses have been approved for over £26.3bn in total, including £2.6bn in the last week.
Lenders have also approved £550m through CBILS in the last week, reaching 1,600 businesses.
In total, £10.1bn has been lent through the scheme to 49,000 businesses.
£1.8bn has been approved via the Coronavirus Large Business Interruption Loan Scheme (CLBILS) to 279 firms, including 35 new approvals in the past seven days.
Stephen Jones, CEO of UK Finance, said: “Businesses of all sizes are facing unprecedented challenges in the face of the pandemic, but the banking and finance industry has a clear plan to get them through.
“Lenders have provided over 910,000 businesses with £38bn through the government-backed lending schemes to date, with tens of thousands of approvals every day, ensuring financial support reaches those firms who need it most.
“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.”