May 19, 2020 / 9:46 AM / 6 days ago

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

FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak speaks at a news conference on the ongoing coronavirus outbreak, London, Britain, March 17, 2020. Matt Dunham/Pool via REUTERS/File Photo

LONDON (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 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.

Reporting by William Schomberg, editing by David Milliken

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