• 1,554 Bounce Back Loans worth £40,771,271 have been offered under the Bounce Back Loans Scheme in North West Durham
• Also in North West Durham, 49 loans worth £6,737,782 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 North West Durham have been welcomed by local MP Richard Holden.
Businesses across North West Durham have benefitted from £47,509,053 worth of loans since the start of the coronavirus outbreak. This includes 1,554 Bounce Back Loans – 100 percent government-backed loans that are interest-free for the first 12 months – worth £40,771,271. 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, 49 loans have been offered in North West Durham at a value of £6,737,782 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 the North East, a total of 39,991 Bounce Back Loans, worth £1,107,108,820 and 1,520 Coronavirus Business Interruption Loans, worth £344,024,099 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.
Commenting, Richard Holden MP said:
“This year has been hugely challenging for businesses in North West Durham, but these latest figures demonstrate the scale of support that the Conservative Government has put in place to protect livelihoods and businesses.
“Never has the Conservatives’ agenda to level up the whole county been so important – and we will continue to focus on supporting hardworking families across North West Durham.”
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.”