The British Business Bank today announces that, through the Recovery Loan Scheme, Accredited Lenders have offered more than £135million to small businesses in Wales as they pave the way for a sustainable recovery.
Of the £135.4m in total funding offered by 690 institutions, £117.7m was drawn from 639 institutions.
The total funding offered by the program represents 3% of the national total, which broadly matches the relative size of the country’s business population (4%).
A total of £4.51billion in loans was offered through over 20,643 establishments across the UK, £3.83billion was drawn from 18,338 establishments.
The stimulus loan program was launched in April 2021 and was originally scheduled to run until December 31, 2021. In the 2021 fall budget, the government extended the program by six months until June 30, 2022 and brought some adjustments to his terms. The government grants an 80% guarantee for loans granted before January 1, 2022 and 70% for loans after this date. The borrower remains 100% liable for the debt.
The Government today announced that there will be a successor scheme to the RLS, which will be open for applications in August 2022. Further details will follow when the scheme is in place.
Susan Nightingale, UK Network Manager, Wales, British Business Bank, said: “The British Business Bank is committed to helping small businesses access the finance they need to grow sustainably. Hundreds of businesses across Wales have taken out loans under the Recovery Loan Scheme. This will better position them to face both the challenges and opportunities ahead. »
Data as provided to British Business Bank by Recovery Loan Scheme delivery partners as of 12 July 2022. A breakdown of loans offered by region and sector is provided in the attached document.
As the program matures, we intend to release performance data semi-annually, based on late September and late March data.