Almost 70,000 loans approved on the first day of the BBLS

The UK government has made great efforts to combat the economic damage caused by COVID-19. An essential part of that battle has been the launch of various schemes to soften the economic impact that the pandemic has had on the UK economy.

Last Monday, May 4, the Small Business Bounce Back Loan Scheme started. This economic measure seeks to help SMEs by granting them loans of up to £ 50,000.

A real success

The BBLS has proven to be a complete success granting almost 70,000 loans to SMEs during the first 24 hours of operation. The seven financial institutions accredited to offer the loans (Barclays, Danske, HSBC, Lloyds, RBS, Santander, and Virgin Money) received around 130,000 loan applications during the first day of the scheme, being able to approve just over 50% of the requests and the rest being in the evaluation process.

The Chancellor, Rishi Sunak, one of the main supporters of this scheme, offered statements about the resounding success of the BBLS: “Small businesses will be very relevant to the UK economic recovery; after the pandemic ends we will depend on them for the creation of new jobs and allowing us to step forward in our economic recovery process.”

“These loans will be crucial in helping SMEs recover from the damage caused by the Coronavirus. It is wonderful to see how almost 70,000 companies have been able to obtain their loans quickly and without complications.”

The BBLS: an efficient solution

Amid the fight against COVID-19 and the havoc it has wreaked on the UK economy, the government has decided to launch another scheme to lessen the economic impact suffered by small companies. The Small Business Bounce Back Loan Scheme is the new proposal to help small companies resist the crisis caused by the Coronavirus pandemic.

This new scheme has been announced by The Chancellor, Rishi Sunak. The Small Business Recovery Loan Scheme offers up to £ 50,000 interest-free loans for one year. The scheme started operating on May 4, and an amount of up to 25% of the company’s total turnover can be requested.

The United Kingdom has been one of the countries that have best known how to deal with the Coronavirus crisis. The government has been progressively launching economic measures to minimize the impact that COVID-19 has had on the UK economy. The Small Business Bouncing Back Loans Scheme joins the Coronavirus Job Retention Scheme and rental payment holidays, measures that seek to help the population endure this harsh crisis.

HICH LTD is proud to continue to provide the best property survey service across the UK; even during the crisis, we continue to work to provide you with superior quality service.