May 6, 2020 / 9:26 AM / a month ago

UK says over 2 billion pounds lent on first day of new credit scheme

LONDON (Reuters) - Britain’s finance ministry said more than 69,000 loans to small businesses worth more than 2 billion pounds ($2.5 billion) were made in the first 24 hours of the launch of the emergency coronavirus credit scheme which carries 100% state guarantees.

Seven large lenders received more than 130,000 Bounce Back Loan Scheme applications on Monday, the ministry said.

Finance minister Rishi Sunak announced the new scheme last week after criticism that other programmes to help companies survive the coronavirus shutdown were bogged down.

Reporting by David Milliken; Writing by William Schomberg

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