New figures show that businesses in Cornwall have benefitted from £426million worth of loans to help protect and support jobs since the start of the coronavirus outbreak.
This includes over 11,900 Bounce Back Loans worth £319million. 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, 499 loans worth £108million 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 Cornwall, a total of 12,402 loans worth £426,453,140 have supported businesses across all sectors, protecting jobs and livelihoods.
Local MP Steve Double said:
“I am pleased to see that businesses across Mid-Cornwall have been able to take advantage of these Government-backed loans at this difficult time and unlock this cash to help survive and thrive through it.”
“Businesses in Mid-Cornwall have benefitted from £82million in Government-backed loans and I am sure this will have really made the difference to our hard-working business owners throughout the area.”
“I will continue to do all I can to ensure that businesses across Cornwall continue to benefit from this unprecedented package of support from the Government.”
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.
The Chancellor 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.