New statistics showing the huge Government support to businesses in Telford have been welcomed by local MP Lucy Allan. In total, more than £200 billion of Government support has been provided to help individuals and businesses in all parts of the UK.
Businesses across Telford have benefitted from £61,756,685 worth of loans since the start of the coronavirus outbreak. This includes 1,403 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £40,627,861. 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, 91 loans have been offered in Telford at a value of £21,128,824 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 102,322 Bounce Back Loans, worth £3,116,906,273, 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, Lucy Allan MP said:
“This year has been hugely challenging for businesses in Telford, but these latest figures demonstrate the scale of support that the Conservative Government has put in place to protect livelihoods and businesses.
Never has the Conservatives’ agenda to level up the whole county been so important – and we will continue to focus on supporting hardworking families across Telford.”
Chancellor of the Exchequer, Rishi Sunak MP, 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.”