New statistics showing the huge Government support to businesses in Wolverhampton have been welcomed by local MP Jane Stevenson.
Businesses across the city have benefitted from £191 million worth of loans since the start of the coronavirus outbreak. This includes 4,825 Bounce Back Loans – 100 per cent Government-backed loans which are interest-free for the first 12 months – worth over £151 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, 162 loans have been offered in Wolverhampton, at a value of £39.5 million, through the Coronavirus Business Interruption Scheme. This scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
Across the West Midlands, a total of 102,322 Bounce Back Loans, worth £3.1 billion, and 4,722 Coronavirus Business Interruption Loans, worth £1.1 billion, have been provided to businesses across all sectors, protecting jobs and livelihoods.
The Chancellor has also announced 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 Tier 3 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.
Jane said: “This year has been incredibly challenging for businesses in Wolverhampton, but these latest figures demonstrate the scale of support that the Government has put in place to protect livelihoods and businesses.
“I know many small businesses in my constituency have welcomed the various grants and loans from Government, as well as the furlough scheme and now the Job Protection Scheme.
“I will continue to support local jobs and businesses in Wolverhampton, and work with the Government to ensure that our levelling up agenda continues despite the pandemic.”
Chancellor of the Exchequer Rishi Sunak MP 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.”