Big UK banks received more than 45,000 applications in a single day for a new loan scheme for small businesses.
The Bounce Back Loans scheme went live on Monday, with Barclays seeing 200 applications in the first minute and Lloyds 5,000 within three hours.
It offers loans up to £50,000 and is designed to be simpler and quicker than the existing Coronavirus Business Interruption Loan Scheme (CBILS).
Barclays said its first bounce back loans will be awarded within 24 hours.
CBILS offer loans of up to £5m and are available for companies with a turnover of less than £45m.
However, the loans have come in for criticism by some businesses, especially smaller ones. Banks can often apply their usual lending criteria, which makes it harder for smaller enterprises to qualify while locked down.
On Thursday, the number of CBILS loans agreed was 8,638, down from more than 9,000 the previous week. Of 52,807 loans applied for, almost 28,000 have still to be approved.
Banks have been criticised for delays in handing out loans but have blamed the heavy workload, the need to complete the necessary credit checks and a shortage of staff.
The government insists the new bounce back loans will be easier to apply for. However, UK Finance, which represents banks, emphasised that firms should "think very carefully before taking on new debt".
Of the UK's largest banks, Lloyds Banking Group said it received the most with 17,000 applications so far, while HSBC received 12,830 and 10,000 applied to NatWest. Barclays said it was ready to approve 6,000.
Barclays denied its online system failed, but said that some customers may have to wait. "Due to the extremely high level of demand, some customers will see availability later on today," it said.
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