British Business Bank: Start Up Loans

The Government-owned British Business Bank has issued its 75,000th loan through its Start Up Loans programme, marking more than £623 million invested in small businesses across the UK since its launch in 2012.

Across the East Midlands, 4,125 loans have been made so far to small businesses and entrepreneurs, totalling £31,993,970, with the average loan being £7756 – meaning that thousands of people have benefited from Government-backed support.

Throughout the coronavirus crisis, this Government has provided an unprecedented package of financial support - including income support for self-employed workers, Bounce Back Loans of up to £50,000 for businesses experiencing financial difficulties, grants of up to £25,000 for the industries and small businesses which have been hardest hit by the coronavirus outbreak, and a 12-month business rates holiday for sectors which are struggling with cash flow issues.

Across our constituency this has meant:

  • Self-employed people in Daventry have accessed £13,100,000 worth of Government grants, which do not need to be paid back, to cover their lost earnings.
  • £49,181,999 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
  • £18,305,631 worth of grants has been handed out to businesses in Daventry, to support them in these difficult circumstances.

 

As always, if you’re in need of financial support for your household or business, you can get more information at https://www.gov.uk/coronavirus.