69,000 bounce-back loans worth over £2bn approved in 24 hours –

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The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received over 130,000 Bounce Back Loan Scheme applications on the first day of the program (May 4). More than 69,000 of them were approved on day one, and lenders are working hard to process as quickly as possible.

Bounce Loans are helping thousands of small businesses get financing quickly at a low, affordable rate and with a 100% government-backed guarantee.

Chancellor of the Exchequer Rishi Sunak said:

“Small businesses will be the engine of our recovery from the pandemic, creating jobs and ensuring economic growth.

“These loans will help them recover from this crisis – get cash fast – so it’s great to see nearly 70,000 businesses benefiting from day one.

“It is vital that this rapid progress continues in the days and weeks to come.”

The Bounce Back Loan scheme is part of the government’s business support package which includes: £8bn to pay furloughed staff salaries at 800,000 businesses, nearly 700,000 commercial properties benefiting from £8.6bn sterling in business grants, generous VAT deferrals and scrapping business rates.

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