British Business Bank’s data tracks regional distribution of CBILS & BBLS loans across the UK

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New data published by the British Business Bank has revealed the regional distribution of loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). The data has shown that the proportion of overall loans in each of the nine English regions and three Devolved Nations matches their respective share of the UK business population.

Keith Morgan, Chief Executive Officer of the British Business Bank, said, “A key objective for the British Business Bank is to identify and help reduce regional imbalances in access to finance for smaller businesses across the UK. It is welcome to see in the data that these schemes are helping businesses across the UK’s three Devolved Nations and nine English regions to access the finance they need to survive and stabilise, putting them in a better position to grow as we move into recovery.”

The Bank’s data showed that the East of England, contributing to 11% of the total number of UK-wide CBILS loans, has the highest usage of CBILS outside London. The South East has its share of 33% of CBILS loans while the North West, standing at 11 % of the total BBLS loans, reported the highest usage of BBLS outside London and South East (34%).

The report highlighted the other regions making good use of BBLS including East of England (10%) West Midlands (8%), South West (8%), Yorkshire and the Humber (7%) and the East Midlands (6%) and Devolved Nations such as Scotland (6%), Wales (4%) and Northern Ireland (2%).

British Business Bank’s data also revealed that the Wholesale and Retail sector has accessed a higher proportion of Bounce Back Loans as compared to the areas of Accommodation and Food Services as well as Real Estate Services.

Stephen Pegge, Managing Director of Commercial Finance at UK Finance, said, “Lenders understand that times are tough for businesses up and down the country, but the industry has a clear plan to help them get through this crisis. Whether you’re a sole trader in a rural area or a company with hundreds of employees in a major city, the banking and finance industry stands ready to offer the right support to suit your needs, and these figures demonstrate that funding is well distributed throughout the UK. Businesses should remember that any lending provided under government-backed schemes is a loan, not a grant, and so should carefully consider their ability to repay before applying.”