New data published today shows that businesses across the North West have received a total of over £4.4bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme. These provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak:
- over 112,000 loans worth over £3.3bn have been offered across the North West under the Bounce Bank Loans Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.
- Alamost 4,700 loans worth over £1.1bn have been offered across the North West under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.
Total funding provided to North West businesses represents 11% of the national total, in line with the relative size of the North West’s business population (10%).
Keith Morgan, Chief Executive Officer of the British Business Bank, said:
“A key objective for the British Business Bank is to identify and help reduce regional imbalances in access to finance for smaller businesses across the UK. It is welcome to see in the data that these schemes are helping businesses in the North West to access the finance they need to survive and stabilise, putting them in a better position to grow as we move into recovery.”
Businesses across the country, from a wide range of sectors, have benefited from the schemes. Those featuring on the British Business Bank website include a Cambridgeshire-based cooking technology manufacturer, a Gateshead-based health solutions company and a Cornish removals company. Others include a Llandudno-based hotel, a Worksop-based plastering company and a County Down-based distributor of table sauces to food premises.
Small Business Minister Paul Scully said:“Throughout this crisis, we have backed business of all sizes in the North West, and in every corner of the UK. The schemes put in place by the government-owned British Business Bank have provided some much-needed breathing space for businesses as they deal with the challenges posed by coronavirus.
“Government support has helped firms right across the North West, not just in keeping businesses going but now enabling thousands to bounce back in a safe, Covid-secure manner.”
