Over 4,000 loans have been issued in regions - MP
THE borough’s MP has welcomed the news that the British Business Bank has issued its 75,000th loan through its Start Up Loans programme.
The Government-owned group has issued 4,125 loans across the East Midlands, helping small businesses and entrepreneurs, with an average loan of £7,756.
Dr Luke Evans, MP for Bosworth, said: “Small businesses across Hinckley and Bosworth are the backbone of our local economy, and this Conservative Government has long been committed to giving them all the support they need to flourish and thrive – both before and during the coronavirus pandemic, and we’ll continue to do so long after it has ended.
“Our Start Up Loans scheme has now provided £31,993,970 worth of investment and support to thousands of small businesses and entrepreneurs across the East Midlands, including for those who may otherwise have struggled to access it, helping to drive investment here and boost our local economy.
“As we build 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 and would invite them to contact me if I can be of any help.”
Of the people who have received a loan since 2012, 40 per cent were women, one in five came from Black, Asian and Minority Ethnic communities (BAME), and one third were unemployed when they applied for the loan, reflecting the diversity of the UK start-up community.
To help businesses through this difficult time, the Government provided income support for self-employed workers, Bounce Back Loans of up to £50,000 for businesses experiencing financial difficulties.
Grants have also been made available 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 has been brought in for the tourism and hospitality sectors, from 20 per cent to 5 per cent, and a 12-month business rates holiday is going on for sectors which are struggling with cash flow issues.
Across the Bosworth constituency, this has meant that self-employed people have accessed £11,700,000 in Government grants.
A total of £45,848,304 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
Grants worth a total of £21,311,500 have also been handed out to businesses in the region.
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 UK 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.”