May 19, 2020 / 9:37 AM / 15 days ago

UK says 14 bln pounds approved so far in 100% state-backed COVID loans

LONDON, May 19 (Reuters) - Britain’s finance ministry said a 100% state-backed Bounce Back Loan Scheme to help small companies survive the coronavirus hit to the economy has seen 14.18 billion pounds ($17.3 billion) in loans approved.

That was around double the 7.25 billion pounds approved under another scheme, the Coronavirus Business Interruption Loan Scheme which offers 80% guarantees. It was launched before the BBLS but has made slower progress. ($1 = 0.8165 pounds) (Reporting by William Schomberg, editing by David Milliken)

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