Figures released by the British Business Bank show that over £126m in Government-back loans were distributed to businesses in Warrington during the coronavirus pandemic. Across the North West as a whole, over £4.46bn has been distributed to 117,143 businesses.
The Bounce Back Loan Scheme in particular has been a success in providing firms with vital government-backed loans at a low, affordable rate and with no interest or repayments due in the first year. And a recent update from the British Business Bank shows that the total lent to businesses across the country is now over £48bn.
The bounce back loan scheme accounted for £34.96bn with 1,157,296 facilities approved and a total of 1,404,726 applicants. Under the programme the government guarantees up to 100 per cent of the loan to the banks’ lending the money up to £50,000.
Lending via the coronavirus businesses interruption loan scheme also hit £13.41bn. The scheme received 121,669 applications from companies with 59,520 applications approved. The CBILS scheme has an 80 per cent government guarantee and loans can be up to £5m.
Across Warrington, a massive £126m worth of loans have been provided to businesses during the period to enable them to recover adapt their businesses.
Commenting on the results, MP Andy Carter said:
The schemes put in place by the government-owned British Business Bank have provided some much-needed breathing space for businesses in Warrington as they deal with the challenges posed by coronavirus.
Government support has helped firms right across Britain, not just in keeping businesses going but now enabling thousands to bounce back in a safe, COVID-secure manner.
Business focus now needs to shift towards retaining and hiring, and most would agree that Government support eventually needs to take a backwards step. The foundations have now been set to create jobs in the region and ensure young people have the opportunity of a better start across Warrington.
Welcoming the news, Chancellor Rishi Sunak said:
Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis.
We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff.
I’m delighted that more than a million loans have been approved – and we will continue to do all we can.
