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BoE announces small businesses used coronavirus (COVID-19) schemes the most

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Published on: 26 January 2021

Published by LNB News

LNB News 26/01/2021

Document Information

Issue Date: 26 January 2021

Published Date: 26 January 2021

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Bank of England (BoE) has published what types of businesses used government-guaranteed loan schemes amid coronavirus (COVID-19) to support cash flows and states small businesses in adversely affected sectors borrowed the most. The BoE has said that since March 2020, UK businesses have raised over £80bn of net additional finance via financial markets and from banks. The BoE has also said a vast majority of this has been from the Bounce Back Loan Scheme, the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme. These loans are catered for businesses of varying sizes, however, smaller business have borrowed the most and business in sectors most affected by coronavirus, such as the accommodation and food sector.

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