7 August 2020
Over 70,000 East Midlands businesses have benefited from over £2.7bn of funding under two biggest Coronavirus loan schemes, reveal new figures from British Business Bank
New data from the British Business Bank shows that businesses across the East Midlands have received over £2.7bn 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 67,000 loans worth almost £2bn have been offered across the East Midlands under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000
Over 3,300 loans worth almost £780m have been offered across the East Midlands 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 East Midlands businesses represents 7% of the national total, in line with the relative size of the East Midlands’s business population (6%).
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 East Midlands to access the finance they need to survive and stabilise, putting them in a better position to grow as we move into recovery.”