The Scheme is designed with the objective that borrowers receive the loans within 24–48 hours of a valid application. This target was based on independent research which suggested that one-third of businesses would probably not be able to access enough cash to continue trading for more than two weeks of lockdown. Based on lender’s reports to HM Treasury, the average time from application to receipt of loans for existing business customers was between 24 and 72 hours. However, for some applications it has taken 10 Evidence UK Finance submission para 5 11 C&AG’s Report, para.1.12 12 Q 9 13 As defined by Companies House, businesses which have an annual turnover below £632,000. 14 Q 11; C&AG’s Report, para.1.3 15 Evidence UK Finance submission para 11 16 Q 21 17 C&AG’s Report, Figure 3 18 Q 12 19 Q 4 20 C&AG’s Report, para 11 10 Covid-19: Bounce Back Loan Scheme considerably longer; for new customers, it may take between four and 12 weeks.21 When asked whether the speed of delivery remains relevant at this stage in the Scheme, the Bank determined that given the system in place is successful at distributing cash, there is no need at present to slow it down.22