More than 1.4 million government-backed loans have been issued to businesses through financial support schemes during the coronavirus pandemic, HM Treasury has revealed.
In the North West, over 7,500 businesses have accessed the Coronavirus Business Interruption Loan Scheme (CBILS), totalling over £1.9 billion in 80% government backed support since the start of the pandemic.
The Bounce Back Loan Scheme which launched in May 2020 to help businesses resume trading after the first lockdown, has supported over 150,000 businesses in the North West, providing 100% government backed financing of over £4.5 billion.
Across the two schemes, nationwide the government has provided over £62 billion of support, which has largely been distributed across the country in line with the number of businesses located in each region. Businesses remain able to access both schemes until March 2021; those which have already accessed funds through either CBILS or the Bounce Back loan scheme are also able to ‘top-up’ their loans if necessary due to the current lockdown.
In total government has committed to investing over £280 billion throughout the coronavirus pandemic to protect millions of jobs and businesses through, loan schemes, grants to closed businesses, and through the furlough and Self-employed Income Support Scheme, which have been extended until April 2021..
The Chancellor of the Exchequer, Rishi Sunak, said:
“Throughout this crisis, we have provided more than £280 billion of support to protect jobs and livelihoods up and down the country.
“We are committed to continuing to ensure jobs are protected and opportunity is created.”
Business Secretary Kwasi Kwarteng commented:
“These figures show very clearly that we have delivered on the solemn promise we made to support businesses across every part of the UK.
“While there are still tough times ahead, we will continue to offer all the support we can to protect jobs and keep businesses afloat so we can look to not only restart our economy, but build back better from the pandemic.”