More than 1.4 million government-backed loans have been given to businesses across all sectors fight back from the pandemic. Figures released today by the government reveal that the retail and construction sectors have benefitted the most.
Support has been spread across the country, with regions receiving loans proportionately to the amount of businesses located there. These loans are in addition to furlough, the self-employment income support scheme and business grants, as part of the government’s £280 billion support package to protect jobs during the pandemic.
Business Secretary Kwasi Kwarteng said: “While there are still tough times ahead, we will continue to offer all the support we can to protect jobs and keep businesses afloat so we can look to not only restart our economy, but build back better from the pandemic.”
At the start of winter, the Chancellor announced that more than a million businesses who took out a Bounce Back Loan will now receive further protection from the Covid crisis through flexible repayments, under the new Pay as You Grow system, which gives businesses more time to repay. Since then, the government has extended the loans schemes until March, and given businesses the ability to ‘top-up’ their loans if they need to.