New data published recently shows that businesses across the North West have received a total of almost £6.5bn 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 152,000 loans worth over £4.5bn have been offered across the North West 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 7,500 loans worth nearly £2bn have been offered across the North West 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 North West businesses represents 11% of the national total, in line with the relative size of the region’s business population (9%). The North West also reported the largest usage of CBILs and BBLS outside London and the South East.
To find out more:
A constituency-level breakdown of lending under CBILS and BBLS is available here