Bounce Back Loan Scheme
(asked on 12th May 2020) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what assessment they have made of how quickly banks will be able to make a decision on applications to the Bounce Back Loan scheme
Answered by
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Bounce Back Loan Scheme (BBLS) was launched on 4 May to help small and medium-sized businesses to borrow between £2,000 and £50,000.
More than 69,000 Bounce Back Loans worth over £2 billion were approved during the first 24 hours of the scheme. As of 24 May, this has increased to 608,069 loans issued to businesses, worth £18.49 billion.
In order to apply for the scheme, businesses complete a short, simple, online application form, meaning that applications can be submitted and processed rapidly, and loans can be accessed within a matter of days. The Government is providing lenders with a 100% guarantee on each loan to give them the confidence they need to support the smallest businesses in the country.