Clydesdale owner Virgin Money sees jump in business borrowing amid Covid

CYBG, takeover, Virgin Money

Clydesdale Bank owner Virgin Money has provided a £269 million coronavirus lifeline to small and medium-sized enterprises (SMEs) in Scotland, making up about a third of its lending under UK government support schemes.

In a third-quarter trading update, the Glasgow-headquartered group also said that there was now £67.7 billion in customer accounts, mainly due to lower spending, but also businesses ensuring that they have enough cash to keep going. The figure marks a 4.8 per cent rise for the period.

Businesses borrowed more – up by 5.7 per cent to £8.8bn – as they tapped into various support schemes. Virgin Money has lent £619m in Bounce Back Loans and £248m in Coronavirus Business Interruption Loans, with the Scottish figure – covering 6,800 SMEs – accounting for about a third of that total.

Personal lending was down, by 2.7 per cent to £5.2bn as people shopped less on their credit cards. Virgin, formerly known as CYBG, said that more than half of the 67,000 mortgage customers who had taken a payment holiday during the pandemic are now making repayments again.

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