Coronavirus loan schemes benefit businesses across the South West

New data shows that businesses in the South West have received a total of over £4.8bn 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). These provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak:

• over 116,000 loans worth nearly £3.3bn have been offered in the South West under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.
• over 6,400 loans worth over £1.5bn have been offered in the South West under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.

The total number of loans provided to South West businesses represents 8% of the national total, in line with the relative size of the region’s business population (9%).

To find out more:

• See British Business Bank South West press release here
• See national press release here
• A constituency-level breakdown of lending under CBILS and BBLS is available here