More than 69,000 Bounce Back Loans worth over £2bn were approved during the first 24 hours of the scheme, the Chancellor has announced.
The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received more than 130,000 Bounce Back Loan Scheme applications on the first day of the scheme on May 4.
Over 69,000 of these were approved on the first day, and lenders are working hard to process and approve the rest as quickly as possible.
The bounce back loans aim to help thousands of small firms get finance quickly at a low, affordable rate and with a 100% government-backed guarantee.
Commenting on the scheme, Chancellor of the Exchequer, Rishi Sunak, said: “Small businesses will be the driving force of our recovery from the pandemic, creating jobs and securing economic growth.”
Adding: “These loans will help them bounce back from this crisis – getting money fast – so it’s great to see more than 69,000 business benefitting in just the first day. It’s vital this speedy progress continues in the days and weeks ahead.”
The Bounce Back Loan scheme is one part of the government’s package of business support that includes: £8 billion to pay the wages of furloughed staff at 800,000 firms, nearly 700,000 business properties benefiting from £8.6 billion of business grants, VAT deferrals and scrapping businesses rates.