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CBILS – Up to date lending statistics and other delivery updates

Providing the latest statistics on the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interuption Loan Scheme (CBILS), Large Business Coronavirus Business Interuption Loan Scheme (CLBIS) and the Future Fund

This piece is designed to accompany background information on CBILS , CLBISBBLS and the Future Fund.

With the deadline for CBILS applications just over a month away (and our Funding Newsletter due out next week) we thought it timely to update the Coronavirus loan schemes statistics and write briefly on related matters – including Kickstart grants (see below).  Also, it is interesting to note that the statistics below were taken from the last weekly release of this data from HMT – from last week they have moved to a monthly release.

National Business bounce back loan scheme (BBLS), CBILS and the large business (CLBIS) statistics – 16 August 2020

This week’s statistics as reported by HM Treasury (HMT).

The percentage / absolute movement from the previous week is included in the brackets.

 

Cumulative value of approved facilities (£bn)Cumulative number of approved facilitiesCumulative number of applications
BBLS35.47 (1%)1,174,854 (2%)1,430,017 (25k)
CBILS13.68 (2%)60,409 (1%)122,885 (1k)
CLBILS3.50 (5%)516 (4%)938 (42)
Future Fund0.59590902 (34)
Total53.24 (2%)1,236,369 (2%)1,554,742 (27k)

  Notes:

  1. Figures for CBILS, CLBILS and BBLS show cumulative applications and approvals up to close of business on 16 August 2020 by accredited lenders, as reported to HM Treasury by close of business 17 August 2020.
  2. Future Fund opened for applications on 20 May 2020. Provided that applicants provide the information required during the application process in a timely manner, it is expected that the process will take a minimum of 21 days from initial application to funding being made available. Convertible loans are reported as approved at the point the Convertible Loan Agreement document is issued by Future Fund for signature. The time to applicants subsequently receiving funds will depend on the speed with which they complete the documentation.

CBILS and BBLS accredited lenders

Since the last update a number of new lenders have been added to list of accredited lenders for each of the above schemes, based on the news releases on British Business Bank website details as follows:

SchemeNew lenders accreditedTotal number of accredited lenders
CLBILSBank of Ireland (UK)23
CBILSSimply, BLG Development Finance, Conister, RM Funds and Western Union BusinessOver 90
BBLSConister27

Regional statistics

 As mentioned in our last update (but worthy of mention again):

  1. We have been provided with regional statistics for borrowing of Coronavirus loan schemes.  These stats can be found via link.
  2. Separately I received an email from contacts at British Business Bank with data for the South West, which is where I am based the headlines are:
  • BBLS: 84,000 loans worth almost £2.4bn
  • CBILS: 4,200 loans worth over £920m
  • Total funding provided to South West businesses represents 8% of the national total, in line with the relative size of the South West’s business population (10%).

I have noted there is also sectorial analysis of loans taken up which I shall look through over the weekend.

PKF Francis Clark

Our attention is beginning to turn to “what next?” for SME funding and the funding requirements of our client base.  We are anticipating working with a number of our clients to distil their current thinking on how their business operates into financial projections and then look at the funding requirement and how this can be met.

That is not to say we do not anticipate assisting with a few more CBILS applications, far from it.  As noted in recent blog we envisage a small flurry of potential CBIL applicants either to replace BBLS or to give them funding for the winter / enactment of plans to emerge more positively from Covid-19 impact.

For both scenarios above we anticipate that our clients may make use of the Kickstart Grants / Recovery Grants – see blog for more details of these.

Other relevant material regarding funding application on our website includes:

Any questions for PKF Francis Clark on the matters covered please do not hesitate to contact me or your usual point of contact.

FEATURING: Richard Wadman
Richard qualified as a Chartered Accountant with KPMG in 1993. Since 2006 he has worked in Corporate Finance, firstly with the predecessor firm in Truro… read more
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