The region is tapping into £475million in financial support through the stimulus loan scheme
More than 2,100 businesses in the North West have made use of the government’s stimulus loan scheme, new figures from the British Business Bank have revealed.
Through accredited lenders, more than £457million has been offered to small businesses across the region as they head towards a sustainable recovery.
Of the £457.2m in total funding offered by 2,176 institutions, £387.4m was drawn from 1,993 institutions.
The total funding offered by the program represents 10% of the national total, which is broadly consistent with the relative size of the region’s business population.
A total of £4.51billion in loans was offered through more than 20,643 establishments across the UK – £3.83billion was drawn from 18,338 establishments.
The Recovery Loan Scheme was launched in April 2021 and was originally scheduled to run until December 31, 2021.
In the fall 2021 budget, the government extended the scheme for six months until June 30, 2022 and made some adjustments to its conditions.
The government grants an 80% guarantee for loans granted before January 1, 2022 and 70% for loans after this date. The borrower remains 100% liable for the debt.
And the government has further announced that there will be a successor program to the RLS, which will be open for applications in August 2022.
Dr Sophie Dale-Black, UK Network Director, North, British Business Bank, said: “British Business Bank is committed to helping small businesses access the finance they need to grow sustainably.
“Nearly two thousand businesses in the North West have taken out loans under the Recovery Loan Scheme. This will better position them to face both the challenges and opportunities ahead. »