New data shows that businesses across the East Midlands received a total of almost £4.7bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). The schemes provided financial support to businesses across the UK impacted by the Covid-19 outbreak, closing for applicants at the end of March 2021.
Over 98,500 loans worth nearly £2.9bn have been provided across the region under the Bounce Bank Loan Scheme, which provided a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.
Over 7,300 loans worth nearly £1.8bn have been provided across the region under the Coronavirus Business Interruption Loan Scheme, which provided Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.
Total funding from the schemes provided to nearly 106,000 businesses represents 6% of the national total, broadly in line with the relative size of the region’s business population (7%).
Dr Sophie Dale-Black, UK Network Director, the Midlands at the British Business Bank, said:
“The Covid-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cashflow concerns for many. We’re pleased to see evidence that they have helped smaller businesses right across the East Midlands and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”
