- 1,440 Bounce Back Loans worth £42,614,778 have been offered under the Bounce Back Loans Scheme in Burnley
- Also in Burnley, 72 loans worth £21,395,709 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 Burnley have been welcomed by local MP Antony Higginbotham.
Businesses across the borough have benefitted from £64,010,487 worth of loans since the start of the coronavirus outbreak. This includes 1,440 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £42,614,778. 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, 72 loans have been offered in Burnley at a value of £21,395,709 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 West, a total of 135,124 Bounce Back Loans, worth £3,979,683,585, and 5,846 Coronavirus Business Interruption Loans, worth £1,501,192,220, 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, Burnley MP Antony Higginbotham said:
We saw in the 2008 financial crisis how devastating lack of access to credit was for businesses, with so many having to close despite being viable in the long-term. These numbers show that we won't allow that to happen again with the Government stepping forward to ensure banks keep lending.
It's testament to the ingenuity and entrepreneurship of Burnley businesses that over £60 million in loans has been awarded, recognising the underlying strength of our local economy and whilst times are really tough at the minute, this shows that Government and business are working together to get through the pandemic.
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.