Between 40% and 50% of the UK’s coronavirus loans for small businesses are unlikely to be repaid, Financial Times reported on May 31, citing three senior bankers.
The newspaper said that banks, which are responsible for pursuing delinquent borrowers, are concerned about the “PR disaster” of chasing small companies through the courts for the loans, which are capped at 50,000 pounds. UK Treasury data shows that 18.5 billion pounds had been approved under the Bounce Back Loan Scheme as of May 24. Debt issued by banks under the scheme comes with a 100% state guarantee.
That compares with combined total loans of less than 9 billion pounds for the government’s two other main programmes - the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme.
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