Saturday, October 24, 2020

85,000 loans issued to East Midlands businesses in emergency schemes

New data reveals more than 85,000 loans have been issued to organisations in the East Midlands under emergency funding in response to the Covid-19 outbreak – injecting more than £3.3bn into the region’s economy.

Some 81,354 loans worth £2.37bn have been offered under the Bounce Bank Loan Scheme (BBLS), while £1.01bn has been provided across 4,124 facilities under the Coronavirus Business Interruption Loan Scheme (CBILS).

These schemes provide financial support to businesses across the UK that are losing revenue, and having their cashflow disrupted, as a result of the pandemic.

The British Business Bank, which is responsible for issuing the loans, said the regional and sector data showed the funding has been distributed evenly across the country according to business population.

Chief commercial officer Patrick Magee said: “The British Business Bank is committed to identifying and helping reduce regional imbalances in access to finance for smaller businesses across the UK.

“It’s therefore encouraging that the data shows a continued benefit to well over a million smaller businesses spread across the whole country, helping them with much-needed emergency finance so they are better placed to survive, stabilise and prepare for future growth.”

The bank said that while the 85,000 loans in the East Midlands had protected businesses and jobs across all sectors, the retail and construction industries had benefited most from the funding by keeping people in work despite being hit hardest by the pandemic.

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