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New data: East Midlands businesses benefit from £4bn in Covid-19 financial support

New data: East Midlands businesses benefit from £4bn in Covid-19 financial support

New data published today shows that businesses in the East Midlands have received a total of almost £4bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme (CBILS)and the Bounce Back Loan Scheme (BBLS). These provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak:

over 91,000 loans worth almost £2.7bn have been offered in the East Midlands under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.

over 5,000 loans worth nearly £1.3bn have been offered in the East Midlands under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.

The total number of loans provided to East Midlands businesses represents 6% of the national total, in line with the relative size of the region’s business population (7%).

 


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