July 31st, 2020.

 The government has published new statistics that show businesses across the UK have to date benefitted from 1,171,003 government-guaranteed loans worth £49.43bn to support their cashflow during the crisis through schemes delivered by the British Business Bank.

This includes 1,113,312 Bounce Back Loans worth £33.7 billion, 57,234 loans worth £12.6 billion through the Coronavirus Business Interruption Loan Scheme and £3.1 billion through the Coronavirus Large Business Interruption Loan Scheme.

New figures for the Future Fund show that, to date, there has been £512.9m worth of convertible loans approved for 510 companies since the fund opened for applications on 20 May. This sum has been matched by at least the same amount from third-party investors.

- The management information for CBILS, CLBILS and BBLS is reported on behalf of British Business Bank accredited lenders shared directly with HMT by close of business on 26 July 2020. For Future Fund this is reported on behalf of the British Business Bank.

- 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. For Future Fund, the number of applications includes only those where both a company and their lead investor have submitted information.

- Future Fund opened for applications on 20 May 2020. Provided that applicants provide the information required during the application process in a timely manner, it is expected that the process will take a minimum of 21 days from initial application to funding being made available. Convertible loans are reported as approved at the point the Convertible Loan Agreement document is issued by Future Fund for signature. The time to applicants subsequently receiving funds will depend on the speed with which they complete the documentation.
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