- 1,958 Bounce Back Loans worth £61,445,289 have been offered under the Bounce Back Loans Scheme in Newbury
- Also in Newbury, 149 loans worth £42,129,259 have been offered under the Coronavirus Business Interruption Loan Scheme
- In total, more than £200 billion of Government support has been provided to help individuals and businesses in all parts of the UK.
New statistics showing the huge Government support to businesses in Newbury have been welcomed by local Conservatives.
Businesses across Newbury have benefitted from £103,574,548 worth of loans since the start of the coronavirus outbreak. This includes 1,958 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £61,445,289. The scheme ensures that small firms who need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.
In addition, 149 loans have been offered in Newbury at a value of £42,129,259 through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
Across South East, a total of 175,946 Bounce Back Loans, worth £5,269,988,799, and 9,026 Coronavirus Business Interruption Loans, worth £2,154,703,689, have been provided to businesses to support businesses across all sectors, protecting jobs and livelihoods.
The Chancellor also announced on Friday that the government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, alongside increasing the cash grants to businesses in England required to shut in local lockdowns to support with fixed costs – worth up to £3,000 per month.
So far, the Government has provided over £200 billion throughout its economic response to coronavirus to support jobs and businesses in the UK.
Chancellor of the Exchequer Rishi Sunak said:
“Our support for businesses and workers has provided a lifeline to employers up and down the country, supporting people to stay in jobs and protecting livelihoods.
“We will build on this as we move to the next stage of our recovery through the Winter Economy Plan, which will continue to protect jobs and help businesses through the months ahead.”