Richard has welcomed new statistics showing the huge Government support to businesses in North East Bedfordshire.
Businesses across the constituency have benefitted from £78,859,965 worth of loans since the start of the coronavirus outbreak. This includes 2,054 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £58,008,103. 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, 109 loans have been offered in North East Bedfordshire at a value of £20,851,852 through 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 £5 million.
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, Richard said: “This year has been hugely challenging for businesses in North East Bedfordshire, but these latest figures demonstrate the scale of support that the Government has put in place to protect livelihoods and businesses."