£50,827,370 Government Boost For South West Businesses

Torbay’s MP Kevin Foster has welcomed an announcement the UK Government-owned British Business Bank has issued its 75,000th loan through its Start Up Loans programme, marking more than £623 million invested in small businesses across the UK since its launch in 2012.

Across the South West region, 6,214 loans have been made so far to small businesses and entrepreneurs, totalling £50,827,370 with the average loan being £8,179, meaning thousands of people have benefited from UK Government backed support where they may otherwise have struggled to access it.

Of the people who have received a loan since 2012, 40 per cent were women, one in five came from Black, Asian and Minority Ethnic communities (BAME), and one third were unemployed when they applied for the loan, reflecting the diversity of the UK start up community.

The Start Up Loans scheme has benefited every region and country in the UK, and underscores the government’s commitment to level up and improve opportunities across every part of the United Kingdom as we continue our recovery from coronavirus.

The Conservative Government has already provided a huge and unprecedented package of support for businesses through this difficult time, including providing income support for self-employed workers, Bounce Back Loans of up to £50,000 for businesses experiencing financial difficulties, grants of up to £25,000 for the industries and small businesses which have been hardest hit by the coronavirus outbreak, a temporary cut in VAT for the tourism and hospitality sectors from 20 per cent to 5 per cent, and a 12-month business rates holiday for sectors which are struggling with cashflow issues.

Across Torquay and Paignton this has meant:

  • Self-employed people in Torquay and Paignton have accessed £12,900,000 worth of Government grants, which do not need to be paid back, to cover lost earnings.
  • £44,261,549 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
  • £27,169,500.00 worth of grants has been handed out to businesses in Torquay and Paignton which do not need to be paid back.

Commenting, Kevin Foster MP said:

“Small businesses are the backbone of our bay’s economy and it is vital they get the support they need to survive at this time and thrive in the future. This package of support is unprecedented and has made a big difference keeping local businesses open and thousands of people in work.”

 

ENDS

 

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