Around 110,000 small businesses applied for a new emergency loan scheme in the hours after it launched yesterday. With banks reporting an average loan of about £30,000, the support is calculated to have hit £3.3bn on day one. Early figures show that Lloyds had received 17,000 Bounce Back Loan applications by midday; RBS had 22,000 by 2.30pm, and HSBC had 34,500 by 4pm.
Barclays confirmed that, by mid-afternoon, it had made 6,000 approvals worth £200m. Lloyds, Barclays and RBS will offer bounce back loans to existing customers first because they have completed anti-money laundering and other checks, HSBC said it will consider businesses that are not customers.
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