Construction revealed as top sector for emergency loans
Construction companies have taken on more emergency loans than any other industry, the British Business Bank has revealed.
Building firms have taken just over 218,000 loans across the Coronavirus Business Interruption Loan (CBILS) and Bounce Back Loan schemes. The next highest borrowing level was seen in the motor trade, which has taken out 207,000 loans.
Construction was the second highest borrower by value, with £7.93bn worth of loans agreed up to 4 October. The only sector to take on more debt was the motor industry, which agreed loans to the value of £9.56bn.
The bank’s data only covers loans agreed and does not reveal how much of the loans have actually been drawn down and used. It has not released data, including loan values, for the Coronavirus Large Business Interruption Scheme, which was made available for bigger firms.