£18.49bn of Bounce Back Loans agreed
HM Tearsury publish management information each Tuesday for each of the three Covid-19 emergency loan schemes schemes (CBILS, CLBILS, BBLS), including: The total number of applications, number of approved applications and the value of loans approved.
The applications figure includes approved applications, those applications that are still to be processed, applications that have been declined and those applications that may turn out not to be eligible or cases where customers will decide not to proceed.
For CBILS, this number will also include a number of applications that have subsequently been converted to applications for the BBLS scheme.
Bounce Back Loan Scheme (BBLS)
| Data | Value of Facilities Approved | Number of Facilities Approved | Number of Applications |
|---|---|---|---|
| 10 May | £8.38bn | 268,173 | 363,646 |
| 17 May | £14.18bn | 464,393 | 581,516 |
| 24 May | £18.49bn | 608,069 | 769,137 |
Coronavirus Business Interruption Loan Scheme (CBILS)
| Data | Value of Facilities Approved | Number of Facilities Approved | Number of Applications |
|---|---|---|---|
| 10 May | £6.09bn | 35,919 | 64,531 |
| 17 May | £7.25bn | 40,564 | 81,124 |
| 24 May | £8.15bn | 43,045 | 84,607 |
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
| Data | Value of Facilities Approved | Number of Facilities Approved | Number of Applications |
|---|---|---|---|
| 10 May | £0.36bn | 59 | 450 |
| 17 May | £0.59bn | 86 | 496 |
| 24 May | £0.82bn | 154 | 502 |
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£100,000 Coronavirus emergency donation by Paragon
Member Since July 2014 - Comments: 150
10:51 AM, 28th May 2020, About 6 years ago
Be aware that if you are refinancing consolidating or making further purchases, then your lender may well take the view that in accepting a Bounce Back Loan you are admitting that you are under financial duress-hence the requirement for financial support, same goes for mortgage holidays, double check the current status with your broker first, we are currently having the run around with a well know finance group who appear to not know their elbows from other parts of their anatomy after they’ve taken a round of application fee’s from us then advise that as we’ve had a BBL they will not be able to lend to us.. Good grief-clarity at the start would’ve been useful!
Member Since August 2016 - Comments: 1190
12:16 PM, 28th May 2020, About 6 years ago
Reply to the comment left by JohnCaversham at 28/05/2020 – 10:51
I would imagine most businesses who’ve had their turnover removed by the Government would be under financial duress.
Member Since April 2019 - Comments: 42
2:52 PM, 28th May 2020, About 6 years ago
I know there’s been a delay but with a dozen calls emails resend PDF’s its not just financial duress or distress im feeling. I applied 3rd May is it normal to be so long?
Member Since July 2014 - Comments: 150
3:06 PM, 28th May 2020, About 6 years ago
Ours BBL came through via Nat West in around 7days….May have to send it back though if mortgage lender isn’t happy about us receiving it!…lol
Member Since February 2018 - Comments: 627
11:46 AM, 30th May 2020, About 6 years ago
Reply to the comment left by JohnCaversham at 28/05/2020 – 10:51
A very different situation I think between an incorporated an unincorporated borrower and as the latter I wouldn’t want to touch a BBL with a barge pole.
Member Since February 2018 - Comments: 627
12:07 PM, 30th May 2020, About 6 years ago
Any way you look at this the damage done to both the state and to private business by the foisting on it of “Greek” style debt when it was neither wanted nor needed is positively Kafkaesque. Six year debt, guaranteed by governement but for which you pay (under BBL) 2.5% to a bank with a near zero cost to its “stock” seems like a dammed good business proposition, they sure as hell would never have had that much lending without “COVID. Under CBILS the floating rate option is most likely going to include a “never less than 0% clause” but that will be PLUS the facility margin which means the bank will be charging you a positive rate of interest EVEN IF its cost of funds turns negative, I’d call that theft, or am I misreading something?
Member Since March 2015 - Comments: 1969 - Articles: 1
11:30 PM, 30th May 2020, About 6 years ago
Reply to the comment left by moneymanager at 30/05/2020 – 11:46
Why if you’re unincorporated?