1 billion lent through CIBILS

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More than £1bn handed out through CBILS UK Finance has announced that a total of £1.1bn in coronavirus support funding has been loaned to 6,020 SMEs as of April 14. The total proportion of firms receiving payouts is less than one in four of those who made a claim, with 28,460 applicants. Analysis shows that just 2.6% of the money available has actually been loaned by banks. The average value of loans made through the coronavirus business interruption loans scheme (CBILS) has risen to over £185,000. UK Finance chief executive Stephen Jones said he was “grateful that so many colleagues worked through the bank holiday so that over £1bn of support has now been delivered,” adding that he expects the figure to “continue to grow rapidly.” Meanwhile, the latest coronavirus business impact tracker from the British Chambers of Commerce shows 66% of smaller firms have furloughed employees and are set to make claims for taxpayer money to pay staff wages. Elsew here, the FT looks at the impact of COVID-19 on small firms, with a report from the ACCA and Corporate Finance Network showing it has forced 10% of clients out of businesses.

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