The Recovery Loan Scheme (RLS) saw accredited lenders deliver more than £4.5bn to smaller UK businesses before it ended on 30 June 2022.
However, of the £4.51bn of total funding offered through 20,643 facilities, just £3.83bn has been drawn down through 18,338 facilities to date.
New figures from the British Business Bank (BBB) have shown that businesses in London and the South East benefitted most from the RLS, with approximately £1.09bn offered to London-based businesses, and just over £590m offered to businesses in the South East.
Businesses in Northern Ireland received the smallest portion of RLS funds, with just £63.6m offered.
The construction industry was the main beneficiary of RLS funds, with more than £730m offered to 2.776 businesses in the sector.
Meanwhile, approximately £716m was offered to wholesale and retail trade and repair businesses. £552m was offered to businesses in the manufacturing sector, and just over £409m was offered to fund real estate activities.
“The British Business Bank is committed to supporting smaller businesses in accessing the finance they need to grow sustainably,” said Catherine Lewis La Torre, chief executive of the BBB.
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“Thousands of businesses in all sectors and from right across the UK have taken out loans under the Recovery Loan Scheme.
“This will better position them to confront both the challenges and opportunities that are ahead.”
The RLS launched in April 2021 to replace the coronavirus business interruption lending scheme and bounce back loan scheme. It was ultimately extended to 30 June 2022.
According to data from the BBB, the RLS had 76 accredited lenders in October 2021. A number of peer-to-peer lenders also received accreditation under the scheme, including LendingCrowd
A successor scheme is set to be launched in August, although no details are yet known about what that scheme will be called, or what it will cover.