Bounce Back Loan Scheme

Department for Business, Energy and Industrial Strategy written question – answered on 26th October 2020.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (Digital, Culture, Media and Sport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the number of businesses unable to access the bounce back loan scheme due to their bank not participating in that scheme; and what steps he is taking to help businesses access that scheme.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

As of 20th September, 1,260,940 applications have been approved for Bounce Back loans, at a value of £38.02bn.

The Bounce Back Loan Scheme is currently being delivered through 28 accredited lenders, including several non-banks and alternative lenders. If a business is unable to access the scheme because their bank is not a participant or is unable to process their application, they may also consider approaching other Scheme accredited providers.

Several lenders are allowing applications from new customers. The Government have always made clear to lenders that they should open to new customers as soon as it is operationally possible for them to do so.

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