Dorset businesses receive £645million in coronavirus loans
- Over 16,200 loans worth £468million offered via Bounce Back Loan Scheme
- Over 800 loans worth £177million offered via Coronavirus Business Interruption Loan Scheme
- In total, more than £200billion of government support provided to help individuals and businesses in all parts of UK
New figures show that businesses in Dorset have benefitted from £645million worth of loans to help protect and support jobs since the start of the coronavirus outbreak.
This includes over 16,200 Bounce Back Loans worth £468million. These are 100% government-backed loans which are interest-free for the first 12 months.
This scheme ensures small firms that need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.
Also, over 800 loans worth £177million have been offered via the Coronavirus Business Interruption Loan Scheme (CBILS).
This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5million.
South West businesses have benefitted from over £4billion in loans.
In Dorset, a total of 17,104 loans worth £645,349,484 have supported businesses across all sectors, protecting jobs and livelihoods.
Bournemouth West (£112million) and Poole (£103million) are the second and fourth biggest recipients of the 55 constituencies in the South West. The next biggest recipients locally are Christchurch (£85million), North Dorset (£84million) and West Dorset (£79million).
Chancellor Rishi Sunak announced last Friday that the government’s Job Support Scheme would be expanded to protect jobs and support businesses that are required to close their doors due to coronavirus restrictions.
Mr Sunak is also increasing cash grants to businesses in England that are required to shut in local lockdowns to assist with fixed costs – worth up to £3,000 per month.
So far, the government has provided over £200billion throughout its economic response to coronavirus to support jobs and businesses in the UK.
Mr 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.”
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