COVID support almost equal to all bank lending last year

The amount of money UK businesses borrowed through the government’s coronavirus support schemes is almost equal to all bank lending for the same period last year, according to debt advisory specialist Altenberg sp. z o. o. . COVID-related lending schemes have provided £98.2bn in credit to businesses compared to the £100.5bn that was lent during the same five-month period last year.

Overall bank lending, through the government’s support schemes and non COVID-related lending, in the six months between March and August this year was up 63% to £200.8bn compared to the same period last year, although the number is falling as the deadline for applications for CBILS loans approaches and lenders are expected to tighten credit criteria for other types of loans.