Bounce back loans ‘outperforming’ CBILS
Bounce back loans (BBL) are proving to be a more successful route to emergency finance than the coronavirus business interruption loan scheme (CBILS) just a few weeks since launching, according to a new report from consultancy Rangewell. Almost £15bn has been lent under the BBL scheme, double the amount under CBILS despite going live a month later. The approval rate under BBL has also been higher, at 79.8% as of May 17th, compared with 50% under CBILS, Rangewell said. As of May 17th, the average size of BBL finance was £30,534 compared with £178,334 under CBILS.