Businesses across the UK have benefited from billions of pounds in government-backed loans, according to new figures.
More than 1.4 million loans have supported businesses and protected job across all sectors of business.
Retail and construction sectors have benefitted the most from the loans, which include the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS).
The CBILS scheme allows eligible businesses to obtain funding up to £250,000 without any personal guarantees and with interest payments for the first 12 months paid for by the government.
Other packages include the BBLS – where businesses can loan from £2,000 up to 25% of their turnover (to a maximum of £50,000) – and a number of top-up grants.
The support loans are in addition to the Furlough Scheme, the self-employment income and business grants, all making up the government’s £280 billion support package to protect jobs during the pandemic.
If your business needs help with a CBILS application, funding or the purchase of assets, we can help.