New statistics showing the huge Government support to businesses in Keighley and Ilkley have been welcomed by local MP Robbie Moore MP.
Businesses across Keighley and Ilkley have benefitted from £75.3 million worth of loans since the start of the coronavirus outbreak. This includes 1787 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £52.8 million. The scheme ensures that small firms who need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.
In addition, 84 loans have been offered in Keighley and Ilkley at a value of £22.6 million through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
Across Yorkshire and the Humber, a total of 89,851 Bounce Back Loans, worth £2.6 billion, and 4232 Coronavirus Business Interruption Loans, worth £964 million, have been provided to businesses to support businesses across all sectors, protecting jobs and livelihoods.
The Chancellor also announced on Friday that the government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, alongside increasing the cash grants to businesses in England required to shut in local lockdowns to support with fixed costs – worth up to £3,000 per month.
So far, the Government has provided over £200 billion throughout its economic response to coronavirus to support jobs and businesses in the UK.
Commenting, Robbie said:
“Nobody could have predicted the challenges 2020 have presented us, and I have met with businesses across Keighley and Ilkley who have been doing all they can to ride out the storm. To make conditions easier and protect jobs our government has provided unprecedented levels of support for firms and their employees.
“We were elected on a commitment to level up the north of England with the south and for areas like ours that commitment is more important through these times of challenge than ever before.”
Chancellor of the Exchequer Rishi Sunak said:
“Our support for businesses and workers has provided a lifeline to employers up and down the country, supporting people to stay in jobs and protecting livelihoods.
“We will build on this as we move to the next stage of our recovery through the Winter Economy Plan, which will continue to protect jobs and help businesses through the months ahead.”