MP Welcomes Latest Figures Showing Local Business Support
- 1807 Bounce Back Loans worth £50,412,152 have been offered under the Bounce Back Loan Scheme in East Yorkshire
- Also in East Yorkshire, 84 loans worth £20,598,343 have been offered under the Coronavirus Business Interruption Loan Scheme
New statistics revealing the huge amount of support to businesses in East Yorkshire have been welcomed by Sir Greg.
He said: “Business across East Yorkshire have benefitted from over £71,010,495 worth of loans since the start of the Coronavirus outbreak.”
This includes 1,807 Bounce Back Loans – which are one hundred percent government-backed loans and are interest free for the first twelve months’ -worth over £50,000 million.
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 twelve months.
In addition, 84 loans have been offered in East Yorkshire at a value of over £20 million through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium size businesses to access loans and other kinds of finance up to £5 million.
The Chancellor of the Exchequer has also announced recently that the Government’s Job Support Scheme will be expanded to protect jobs and support businesses which are 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.
Sir Greg added: ‘This year has been -and remains- very challenging for businesses in East Yorkshire, but these latest figures demonstrate the scale of support that has been put in place so far to help protect livelihoods and businesses.’
‘It is never going to be possible to help every single case, but if any business or person in East Yorkshire is still seeking help, then they should contact my office.’