Subsea Expo

Access. Connect. Grow.

Coronavirus loan schemes benefit businesses across Scotland

09 July 2021

The following has been circulated by the British Business Bank:

New data published today shows that businesses across Scotland received a total of over £4bn in funding under the governmentís two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS).  The schemes provided financial support to businesses across the UK impacted by the Covid-19 outbreak, closing for applicants at the end of March 2021.

  • Almost 94,000 loans worth over £2.7bn have been provided across Scotland under the Bounce Bank Loan Scheme, which provided a six-year term loan from £2,000 up to 25% of a businessí turnover, with a limit of £50,000.
  • Over 5,900 loans worth over £1.4bn have been provided across Scotland under the Coronavirus Business Interruption Loan Scheme, which provided Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.

Total funding from the schemes provided to almost 100,000 businesses represents 6% of the UK total, in line with the relative size of the Scotlandís business population (6%).

more