Coronavirus loan schemes benefit businesses across the North West
New data from the British Business Bank shows that businesses across the North West have received 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
• Almost 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%).
To find out more:
• See national press release here
• A constituency-level breakdown of lending under CBILS and BBLS is available here
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