Coronavirus loan schemes continue to support businesses evenly across the UK, new analysis shows
Press release
- Distribution of loans offered tracks business population of each region
- North West reports largest usage of CBILs and BBLS outside London and the South East
- Construction sector has received highest proportion of total loans (17%), followed by wholesale and retail (15%)
New data published today by the British Business Bank reveals the regional distribution of loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). These schemes provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.
The data, published by the British Business Bank, shows that the proportion of overall loans in each of the nine English regions and three Devolved Nations matches closely their respective share of the UK business population.
The North West reports the largest usage of CBILs and BBLS (11%) outside London and the South East (34%), just ahead of the East of England (10%).
The data also provides analysis of loan uptake across sectors with construction and wholesale and retail receiving the highest proportion of total loans.
The manufacturing sector has accessed a significantly higher proportion of CBILS loans (13%) than its share of the business population (5%), with wholesale and retail (18% v 9.2%) the second most over-represented sector for CBILS uptake.
For BBLS loans, the construction sector accessed the highest number of loans (17%), broadly in line with its proportion of the business population (16%). Wholesale and retail saw the highest proportion versus its share of business population (15% v 9%).
Reducing regional imbalances in access to finance for smaller businesses is a key objective of the British Business Bank. Looking towards economic recovery, we’re pleased to see the Coronavirus loan schemes continuing to support smaller businesses across the UK in accessing the finance they need to help them to keep trading and to support their future growth plans. Catherine Lewis La Torre Chief Executive Officer of the British Business Bank
These figures show very clearly that we have delivered on the solemn promise we made to support businesses across every part of the UK. While there are still tough times ahead, we will continue to offer all the support we can to protect jobs and keep businesses afloat so we can look to not only restart our economy, but build back better from the pandemic. Kwasi Kwarteng Business Secretary
Breakdown of loans offered by region – BBLS
| Region | Value of Loans Offered (£) | Number of Loans Offered | Proportion of Offered Facilities | Proportion of UK Business Population |
|---|---|---|---|---|
| East Midlands | 2,684,725,529 | 91,348 | 6% | 7% |
| East of England | 4,192,234,249 | 137,741 | 10% | 10% |
| London | 9,946,815,769 | 295,692 | 21% | 19% |
| North East | 1,249,741,795 | 44,858 | 3% | 3% |
| North West | 4,512,329,695 | 152,188 | 11% | 9% |
| Northern Ireland | 1,172,538,374 | 38,181 | 3% | 2% |
| Scotland | 2,496,404,756 | 86,062 | 6% | 6% |
| South East | 6,018,627,864 | 199,574 | 14% | 16% |
| South West | 3,275,798,746 | 116,063 | 8% | 9% |
| Wales | 1,524,813,850 | 55,094 | 4% | 3% |
| West Midlands | 3,520,737,158 | 114,715 | 8% | 8% |
| Yorkshire & the Humber | 2,986,264,487 | 101,197 | 7% | 7% |
| Unspecified | 62,547,705 | 2,017 | 0% | 0% |
Breakdown of facilities offered by region – CBILS
| Region | Value of Loans Offered (£) | Number of Loans Offered | Proportion of Offered Facilities | Proportion of UK Business Population |
|---|---|---|---|---|
| East Midlands | 1,297,778,540 | 5,273 | 7% | 7% |
| East of England | 1,766,950,464 | 7,460 | 10% | 10% |
| London | 3,847,934,021 | 12,495 | 17% | 19% |
| North East | 493,314,081 | 1,994 | 3% | 3% |
| North West | 1,959,152,472 | 7,563 | 11% | 9% |
| Northern Ireland | 496,806,683 | 1,501 | 2% | 2% |
| Scotland | 982,517,603 | 4,144 | 6% | 6% |
| South East | 2,824,103,231 | 11,260 | 16% | 16% |
| South West | 1,534,026,632 | 6,416 | 9% | 9% |
| Wales | 503,355,434 | 2,228 | 3% | 3% |
| West Midlands | 1,486,023,928 | 6,077 | 8% | 8% |
| Yorkshire and The Humber | 1,260,361,190 | 5,415 | 8% | 7% |
| Unspecified | 67,328,939 | 190 | 0% | 0% |
Breakdown of facilities offered by sector – CBILS
| Sector | Value of Loans Offered (£) | Number of Loans Offered | Proportion of Offered Facilities | Proportion of UK Business Population |
|---|---|---|---|---|
| Agriculture, Forestry and Fishing | 118,449,709 | 633 | 1% | 2.6% |
| Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities | 272,371,159 | 1,063 | 1% | 0.7% |
| Manufacturing | 2,621,309,659 | 9,639 | 13% | 4.8% |
| Construction | 2,548,382,389 | 10,156 | 14% | 16.6% |
| Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles | 3,224,338,599 | 12,664 | 18% | 9.2% |
| Transportation and Storage | 694,930,852 | 3,238 | 4% | 5.8% |
| Accommodation and Food Service Activities | 1,492,059,287 | 5,202 | 7% | 3.7% |
| Information and Communication | 832,405,339 | 3,309 | 5% | 6.4% |
| Financial and Insurance Activities | 475,476,367 | 1,023 | 1% | 1.5% |
| Real Estate Activities | 567,398,029 | 1,590 | 2% | 2.1% |
| Professional, Scientific and Technical Activities | 1,898,702,737 | 7,562 | 11% | 14.6% |
| Administrative and Support Service Activities | 1,897,281,522 | 8,015 | 11% | 8.8% |
| Education | 347,425,318 | 1,005 | 1% | 5.4% |
| Human Health and Social Work Activities | 625,474,978 | 3,056 | 4% | 6.4% |
| Arts, Entertainment and Recreation | 555,144,927 | 1,895 | 3% | 5.2% |
| Other Service Activities | 330,174,963 | 1,918 | 3% | 6.1% |
| Unspecified | 18,327,384 | 48 | 0% | 0.0% |
Breakdown of facilities offered by sector – BBLS
| Sector | Value of Loans Offered (£) | Number of Loans Offered | Proportion of Offered Facilities | Proportion of UK Business Population |
|---|---|---|---|---|
| Agriculture, Forestry and Fishing | 1,334,800,786 | 41,253 | 3% | 2.6% |
| Mining and Quarrying; Electricity, Gas and Air Conditioning Supply; Water Supply; Sewerage, Waste Management and Remediation Activities | 343,474,222 | 10,672 | 1% | 0.7% |
| Manufacturing | 2,637,845,296 | 82,908 | 6% | 4.8% |
| Construction | 7,054,937,788 | 238,825 | 17% | 16.6% |
| Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles | 7,722,204,866 | 216,718 | 15% | 9.2% |
| Transportation and Storage | 2,070,750,535 | 77,920 | 5% | 5.8% |
| Accommodation and Food Service Activities | 4,022,456,251 | 112,662 | 8% | 3.7% |
| Information and Communication | 1,954,932,278 | 65,946 | 5% | 6.4% |
| Financial and Insurance Activities | 392,838,477 | 11,756 | 1% | 1.5% |
| Real Estate Activities | 3,033,233,534 | 85,517 | 6% | 2.1% |
| Professional, Scientific and Technical Activities | 4,500,522,686 | 159,280 | 11% | 14.6% |
| Administrative and Support Service Activities | 3,015,111,089 | 102,946 | 7% | 8.8% |
| Education | 725,790,577 | 31,241 | 2% | 5.4% |
| Human Health and Social Work Activities | 1,738,241,468 | 58,963 | 4% | 6.4% |
| Arts, Entertainment and Recreation | 940,347,836 | 37,741 | 3% | 5.2% |
| Other Service Activities | 2,097,754,389 | 97,961 | 7% | 6.1% |
| Unspecified | 58,337,900 | 2,421 | 0% | 0.0% |
Note: Regional and sectoral Coronavirus Large Business Interruption Scheme data has not been included in this analysis due to data protection and commercial considerations. Data on CBILS and BBLS schemes drawn from the British Business Bank loans portal, 10 January 2021.
A constituency-level breakdown of lending under CBILS and BBLS is available on the British Business Bank website.
Offered figures published by the British Business Bank may differ from aggregate approved figures published by HM Treasury due to a time lag between the two data sources, and since some borrowers may decide not to proceed with an approved application.
Further Information
Notes to editors
Bounce Back Loan Scheme (BBLS)
BBLS is a demand-led scheme offering lending that targets small and micro businesses, providing loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k. Providing lenders with a 100% government-backed guarantee and standardising the application form has led to a faster process with many loans becoming available within days. The Bounce Back Loan Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% a year. The government will cover interest payable in the first year. The scheme will be open until 31 March 2021.
Coronavirus Business Interruption Loan Scheme (CBILS)
CBILS is a demand-led scheme offering lending to smaller businesses with turnover of up to £45m. Invoice finance and asset finance facilities are available from £1k to £5m, while term loans and revolving credit facilities are available from £50k to £5m. The government makes a payment to cover interest and lender-levied fees under CBILS for the first 12 months. The scheme will be open until 31 March 2021.
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s main programmes were supporting nearly £8bn of finance to almost 94,800 smaller businesses at end of June 2020. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering more than £69bn of finance to 1.5m businesses.
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
The British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The site also features case studies and lessons from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates through a number of subsidiaries, none of which are authorised or regulated by the FCA or the PRA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
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