New figures have shown the number of bounce back loan scheme approvals for small firms to help them survive has passed one million.
The Bounce Back Loan Scheme has provided firms with vital government-backed loans at a “low, affordable rate” and with no interest or repayments due in the first year.
Today’s update shows that loans worth £30.93 billion have now been approved to date.
Small companies across the country have accessed loans of up to £50,000 to help them through the pandemic, reaching businesses within days, providing immediate support to those that need it as easily as possible.
Welcoming the milestone, chancellor Rishi Sunak said: Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis. We’ve worked hard to give small businesses the help they need- from loans and grants to paying the wages of their staff.”
Adding: “I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small business as they reopen their doors in the weeks ahead.”
While business secretary Alok Sharma said: “We promised to stand behind small businesses to get through this crisis – and we’ve done just that. As we get Britain’s economic engines firing again, we will not only support businesses to get back on their feet, but also do all we can to level up the economy across every part of our country.”
Recently, the CMA published a joint statement against price gouging in retail.
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