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Over a million bounce back loans approved for small businesses

New government figures have revealed that the number of Bounce Back loans approved for small firms to help them survive the coronavirus pandemic has passed the 1 million milestone.

Over a million bounce back loans approved for small businesses
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  • Maja Garaca Djurdjevic
  • July 09, 2020
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According to the government, the Bounce Back Loan Scheme has seen loans worth £30.93 billion approved to date, with small companies across the country accessing up to £50,000 in loans to help them through the pandemic. 

"Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis," said Chancellor Rishi Sunak.

"We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff."

Among the million businesses who have benefited so far are Birmingham-based biscuit maker The Shortbread Company and Willow Bridal Boutique in Cheshire. 

Diana Reid, founder of The Shortbread Company, and a beneficiary of the loans scheme, said, "The Bounce Back Loan will allow us to scale and grow The Shortbread Company’s online store, purchase necessary materials and equipment, and hire a relevant team to help with various aspects of the business, for example, social media marketing."

New figures also revealed that businesses have benefited from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption Loans Scheme, 394 large businesses have benefited from £2.58 billion via the Coronavirus Large Business Interruption Loan Scheme, and over £379 million has been invested in 376 companies through the Future Fund. 

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