Christopher Pincher welcomes latest figures showing over £83 million of Government support for Tamworth businesses
- 1,612 Bounce Back Loans worth over £47.6 million have been offered under the Bounce Back Loans Scheme in Tamworth and the local villages
- Also 119 loans worth nearly £35.5 million have been offered under the Coronavirus Business Interruption Loan Scheme
- In total, more than £200 billion of Government support has been provided to help individuals and businesses in all parts of the UK.
New statistics showing the huge Government support to businesses in Tamworth have been welcomed by local MP Christopher Pincher.
Businesses across Tamworth and the local villages have benefitted from £83,028,176 worth of loans since the start of the coronavirus outbreak. This includes 1,612 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth over £47,623,498. 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, 119 loans have been offered at a value of £35,404,678 through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
Across the West Midlands, a total of over 100,000 Bounce Back Loans, worth over £3.1 billion and 4,722 Coronavirus Business Interruption Loans, worth £1,118,876,197 have been provided to businesses to support businesses across all sectors, protecting jobs and livelihoods.
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, Christopher Pincher said:
“This year has been hugely challenging for businesses in Tamworth and our villages, but these latest figures demonstrate the scale of support that our Government has put in place to protect livelihoods and businesses.
“I have seen this every week, in my email inbox, on my social media and in the conversations you have had with me. Businesses, from the small corner shop to our large ASDA, all mean something to each of us and our families. Supporting business is the key to building back after the pandemic. It is one of the reasons I ran my Summer of Small Business.
“I will continue to focus on supporting hardworking families across Tamworth.”
Chancellor of the Exchequer Rishi 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.”