Connect with us

Business

Businesses in the UK Borrows £52.6bn to Manage COVID-19 Crisis

Published

on

Boris Johnson

UK Companies Take £52.6bn Loan to Survive COVID-19 Crisis

The devastating COVID-19 crisis caused a massive financial hit to businesses in the United Kingdom, confronting them with substantial revenue and cash flow losses. Many of them were forced to ask for support through the government-backed loan schemes to survive in the times of unprecedented economic disruption.

According to data presented by Buy Shares, the cumulative value of loans that have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS), and Coronavirus Large Business Interruption Loan Scheme (CLBILs) in the United Kingdom hit £52.6bn in August.

More than 1.2 Million Loans Approved in Four Months

The United Kingdom’s Government created a range of measures to help support businesses of all sizes throughout the coronavirus crisis. The smaller companies can apply for the Coronavirus Business Interruption Loan Scheme (CBILS), which operates through the British Business Bank via more than 40 accredited lenders. These lenders can provide up to £5 million worth financial help in the form of term loans, overdrafts, and asset finance.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) facilitates access to finance for medium-sized and larger businesses with a group turnover of more than £45 million. This scheme can provide up to £200 million worth financial help for the companies affected by the coronavirus outbreak.

The Bounce Back Loan Scheme (BBLS) allows lenders to provide a six-year term loan from £2,000 to 25% of a business’ turnover.

In the second week of May, the combined value of facilities approved through these three schemes amounted to £14.8bn, revealed the HM Treasury data. By the middle of June, this figure surged by 157% to £38.2bn worth of loans.

Statistics indicate the total value of facilities approved through the Government-backed loan schemes hit £46.2bn by the end of the second week of July. By August 16th, this figure jumped by 14%, reaching a total of $52.6bn.

Statistics indicate the banking and finance industry has supported more than 1.2 million UK businesses with lending schemes to help them through the COVID-19 crisis.

£35.5bn Worth of Loans Approved Through the Bounce Back Loan Scheme

The Bounce Back Loan Scheme represents the most significant part of the government-backed aid package in the United Kingdom, with £35.5bn worth of loans approved by August. This scheme has been a success in providing more than 1.1 million firms with vital government-backed loans at an affordable rate with no interest or repayments due in the first year.

The HM Treasury data revealed the cumulative value of lending through the Coronavirus Business Interruption Loan Scheme reached almost £13.7bn in August or 25% of all approved loans.

Statistics indicate that between May 10th and August 16th, 516 medium-sized and larger businesses in the United Kingdom received £3.5bn worth financial help thought the Coronavirus Large Business Interruption Loan Scheme.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

FG Introduces NEXIT Portal for Npower Batch A and B Beneficiaries

Published

on

npower latest news

The Federal Government has introduced a new online portal for exited Npower beneficiaries of batch A and B.

According to the Minister for Humanitarian Affairs, Sadiya Farouq, the portal was launched in collaboration with the Central Bank of Nigeria (CBN) to enable exited Npower beneficiaries apply for available federal government empowerment options.

This was disclosed in a statement issued by Nneka Anibeze, the media aide to the minister, on Friday.

The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.

She explained that selection will be based on the conditions and criteria set by the apex bank.

Ms Farouq, therefore, urged interested exited Npower beneficiaries to log on to the NEXIT portal and provide the required additional information for possible placements into central bank’s intervention options.

The Minister expressed her deep appreciation to the CBN Governor Mr Godwin Emefiele CON for his support adding that the Ministry of Humanitarian Affairs remained committed to the vision of Mr President to lift 100 million Nigerians out of poverty in the next 10 years.

“Minister Umar Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.

“The Federal Government of Nigeria is very proud of the milestones you have achieved during your period of service to the nation. As we prepare to exit into prospective endeavours.”

Continue Reading

Business

Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

Published

on

The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

Continue Reading

Business

Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

Published

on

Unilever Nigeria Plc

Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

Continue Reading

Trending