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The construction industry took more loans under the government’s coronavirus Bounce Back Loans Scheme (BBLS) than any other sector, figures have shown.
Data from the British Business bank revealed that a total of
210,482 BBLS loans were offered to construction as a sector, with a value of
Under the BBLS scheme, which is aimed at struggling small
businesses, companies can apply for a 100% state-backed loan worth up to
£50,000 with no interest charged or repayments needed within the first 12
months, up to the deadline of 30 November this year.
The number of BBLS loans offered to construction was higher
than the 196,740 offered to wholesale and retail trade; repair of motor
vehicles and motorcycles, although the value of loans offered to that sector
was greater, at £6.9m.
Construction was also offered one of the highest number of loans
under the Coronavirus Business Interruption Loans Scheme (CBILS), which offers
financial support to smaller businesses in the form of loans of up to £50,000
through a network of approved lenders.
There were 7,815 CBILS loans worth £1.8m offered to
construction as of 4 October this year.
Patrick Magee, chief commercial officer, British Business
Bank, said: “The British Business Bank is committed to identifying and
helping reduce regional imbalances in access to finance for smaller businesses
across the UK. It’s therefore encouraging that the data shows a continued
benefit to well over a million smaller businesses spread across the whole
country, helping them with much-needed emergency finance so they are better
placed to survive, stabilise and prepare for future growth.”