Millions of pounds worth of ‘bounce back’ loans and ‘start up’ loans in our area

Money (stock image)Money (stock image)
Money (stock image)
Victoria Atkins MP has welcomed the announcement that the Government-owned ‘British Business Bank’ has issued its 75,000th loan through its Start Up Loans programme, marking more than £623 million invested in small businesses since its launch in 2012 - including more than 4,000 loans across the East Midlands region.

The Start Up Loans scheme has benefited every region in the UK, and across the East Midlands, 4,125 loans have been made so far to small businesses and entrepreneurs, totalling £31,993,970 with the average loan being £7,756.

Meanwhile, it has been revealed that, in the Louth & Horncastle constituency, a further £37.6m has been paid out to businesses in the form of ‘Bounce Back Loans’ in response to the Covid-19 pandemic, which provides loans of up to £50,000 within days of an application.

Hide Ad
Hide Ad

Additionally, £9,700,000 worth of grants has been issued to cover lost earnings for the self-employed in our area, and £30,522,500 worth of grants has been given to businesses in the area - neither of which need to be paid back.

Victoria Atkins MPVictoria Atkins MP
Victoria Atkins MP

Following the release of the latest figures, Ms Atkins said: “Small businesses are the backbone of our constituency’s local economy, and this Conservative Government 
has long been committed to giving them the support they need to flourish and thrive.

“Our Start Up Loans scheme has now provided £624,294 worth of investment and support to small businesses and entrepreneurs in Louth & Horncastle through issuing 96 loans, helping to drive investment and boost the local economy.

“I will continue to back entrepreneurs and business owners in creating and protecting jobs”.

Hide Ad
Hide Ad

Business Secretary Alok Sharma added: “The Start Up Loans programme was set up by the 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.”

Comment Guidelines

National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.