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Businesses in the East take out loans worth over £7billion under Covid schemes

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Over 159,000 businesses across the East of England have taken out loans worth over £7 billion under the government’s two largest Covid-19 loan schemes. The Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) provided financial support to businesses hit by the pandemic and closed in March. Over 149,000 loans worth over £4.5bn were made under the BBLS in the region and and over 10,400 loans worth over £2.5 billion under the CBILS. The loans in the East represented 10 per cent of the national total, in line with the size of the region’s business numbers.

Steve Conibear, UK network director, South and East of England at the British Business Bank said: “The Covid-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cash-flow concerns for many. We’re pleased to see evidence that they have helped smaller businesses right across the East of England and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”rowth.”

Last Updated ( Tuesday, 27 July 2021 06:33 )