Figures for covid-related loans to businesses revealed

By Barrie Hudson - 16 October 2020

Business

Businesses in Swindon and across Wiltshire have been lent £449m in Government money to help them through the covid crisis.

  • Mr Sunak has announced a series of loan schemes

    Mr Sunak has announced a series of loan schemes

Newly-released figures include more than  official records show more than 11,100 Bounce Back Loans worth £313m. 

These are 100 percent Government-backed loans which are interest-free for the first 12 months.

The scheme is intended to ensure small firms which need vital cash injections to keep operating can obtain finance in a matter of days, with no repayments due during the first year afterwards.

In addition, Swindon and the rest of the county have received 548 loans worth £136m via the Coronavirus Business Interruption Loan Scheme (CBILS).

Chancellor 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.”

Mr Sunak recently announced that the Government’s Job Support Scheme would be expanded to protect jobs and support businesses which are required to close their doors due to coronavirus restrictions.

He is also increasing cash grants to businesses in England that are required to shut in local lockdowns to assist with fixed costs – worth up to £3,000 per month.

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