Bounce Back Loan Scheme
The question
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the effectiveness of the bounce back loan scheme implemented during the Covid-19 pandemic; and what assessment he has made of trends in the level of repayment.
Answered by Gareth Thomas
The British Business Bank is undertaking a multi-year evaluation of the Covid-19 loan schemes, looking at whether the schemes met their objectives. The Year 2 evaluation report was published in November 2023 and shows that the schemes met their primary objectives of unlocking credit for businesses at scale and speed, reaching just over a quarter of small businesses in the UK. Evaluation evidence to date suggest that the schemes have had a positive impact on business outcomes like survival, turnover and employment.
Covid loan guarantee scheme performance data is published on a quarterly basis. As at 30 September 2024, within the Bounce Back Loan Scheme, £6.61 billion had been fully repaid by borrowers and £12.10 billion was being repaid on schedule.
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