We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Pandemic drives dramatic increase in SME borrowing

08 Jan 2021

Gross lending to small and medium-sized enterprises (SMEs) in the first three quarters of 2020 reached £54 billion driven by coronavirus (COVID-19) loan schemes, according to figures from trade body UK Finance.

That represents more than double the annual total of borrowing reached by SMEs in 2019, UK Finance said.

Nationally, UK lenders have issued 229 Bounce Back loans via the Bounce Back Loan Scheme (BBLS) and ten Coronavirus Business Interruption Loan Scheme (CBILS) facilities for every thousand businesses, dwarfing loan approval volumes seen in previous years.

Since the extension of government support from November 2020, UK Finance estimates that £600 million in funding has been made available through the topping-up of existing BBLS facilities.

Commenting on the data, Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said: '2020 was a challenging year with the disruption of COVID-19 restrictions and uncertainty ahead of the end of EU transition.

'While the business community in aggregate does not appear overindebted with liquidity reserves and capacity to provide finance strong overall, many individual businesses and some specific sectors are facing significant and much more extended disruption and may find themselves in financial difficulty in 2021.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2021 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.