Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government what is the total value of Coronavirus Business Interruption Loans that (1) have interest rates set at the maximum permitted rate of 14.99 per cent per annum, (2) have interest rates set at 10.00 per cent per annum or more, and (3) have arrangement fees of more than 3.00 per cent per annum; and whether they meet or guarantee to the lending institutions all or part of these rates for the time the loan is outstanding.

The interest rate charged on a Coronavirus Business Interruption Loans (CBILS) facility varies in line with the lender’s own policies, as would be the case with any commercial facility.

(1) The total value of drawn down CBILS facilities where interest is set at 14.99 per cent or higher[1] per annum is £15,391,560.

(2) The total value of drawn down CBILS facilities where interest is set at 10.00 per cent or higher is £183,522,119.

(3) The total value of drawn down CBILS facilities with arrangement fees greater than or equal to 3.00 per cent per annum is £323,923,395.

All figures correct as of 30 September 2020.

The Government cover the first 12 months of interest payments and lender-levied charges on behalf of CBILS borrowers. The Guarantee covers lenders for the principal only.

[1] Some delivery partners accredited before the 14.99% maximum was in place can issue CBILS facilities with interest rates above 14.99%.