Christopher Pincher MP has welcomed the announcement that the Government-owned British Business Bank has issued its 75,000th loan through its Start Up Loans programme. This is in addition to the Coronavirus financial support such as furlough and business support.
Tamworth has received the following support in the last few months:
- £14,880,000 in Business Support Grants
- £8,900,000 in Self Employment Income Support Scheme
- £39,285,979 as Bounce Back Loans
Across the West Midlands, 6198 Start-up loans have been made so far to small businesses and entrepreneurs, totalling over £50 million. 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. A temporary cut in VAT for the tourism and hospitality sectors from 20 per cent to 5 per cent, and a 12-month business rates holiday for sectors which are struggling with cashflow issues. In Tamworth this mixture of loans, grants, tax cuts and the Eat Out to Help Out scheme has created renewed interest and support for local entrepreneurs and existing business owners.
Commenting, Christopher Pincher MP said:
“Small businesses in Tamworth are the backbone of our local economy, and this Government has long been committed to giving them all the support they need to flourish and thrive.
“The mixture of loans and grants totalling over £62 million has so far been handed out to businesses in Tamworth, including for those who may otherwise have struggled to access it, helping to drive investment here and boost our local economy.
“As we build Tamworth, Staffordshire and Britain back better in the months ahead, I will continue to work to give our local entrepreneurs and innovators all the support they need to keep them in business so they can create and protect jobs”.
Business Secretary Alok Sharma said:
“The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it, making a real difference to tens of thousands of entrepreneurs across the country.
“Our plan to build back better will level up every region and sector of the United Kingdom’s economy, backing makers, doers and innovators regardless of background.”
“As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.”