MP welcomes latest figures showing support for South Cambridgeshire businesses
PUBLISHED: 16:41 15 October 2020 | UPDATED: 16:50 15 October 2020
New statistics showing support available to local businesses in South Cambridgeshire have been welcomed by MP Anthony Browne.
Businesses in South Cambs have benefitted from £87,019,653 worth of loans since the start of the coronavirus outbreak.
This includes 1,085 Bounce Back Loans, worth £54,268,224, which are government-backed loans which are interest-free for the first 12 months.
The scheme ensures that small firms which need vital cash injections to keep operating can get money in a matter of days, with no repayments due for the first year.
In addition, 136 loans – worth £32,751,429 – have been offered in South Cambs through the Coronavirus Business Interruption Scheme, which has helped small and medium-sized businesses access loans and other finances up to £5 million.
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Anthony Browne MP said: “This year has been hugely challenging for businesses in South Cambridgeshire, but these latest figures demonstrate the scale of support that the Conservative government has put in place to protect livelihoods and businesses.
“Never has the Conservatives’ agenda to level up the whole county been so important – and we will continue to focus on supporting hardworking families across South Cambridgeshire.”
Chancellor of the Exchequer Rishi Sunak 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.
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.”
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