The Chancellor has announced that within the first 24 hours of the Bounce Back Loan Scheme over 69,000 applications have been approved.
On the first day of the scheme (4th May) the seven largest lenders, Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money, have received more than 130,000 applications.
These Bounce Back Loans are helping thousands of small and medium sized firms get a quick finance at an affordable rate, and 100% government-backed guarantee.
Rishi Sunak, The Chancellor of the Exchequer said:
“Small businesses will be the driving force of our recovery from the pandemic, creating jobs and securing economic growth”
“These loans will help them bounce back from the crisis – getting money fast – so it’s great to see more than 69,000 business benefiting in just the first day.”
“It’s vital this speedy progress continues in the days and weeks ahead”