New data from the British Business Bank shows that businesses across London have received almost £9bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme. These provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.
• Over 210,000 loans worth almost £7bn have been offered across London under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.
• Over 7,700 loans worth over £2bn have been offered across London under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.
Total funding provided to London businesses represents 20% of the national total, in line with the relative size of London’s business population (19%).