North West businesses have received more than £4bn in funding under the Government’s coronavirus loan schemes, new figures have revealed.
Businesses in the North West that have seen their revenues hit hard by the pandemic and subsequent lockdown received more than £4.4bn from the the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) combined.
More than 112,000 loans worth over £3.3bn have been offered across the North West under BBLS, which provides a six-year term loan with a limit of £50,000.
Meanwhile almost 4,700 loans worth over £1.1bn have been offered across the North West under CBILS which provides loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.
The North West got 11% of the funding available – which the British Business Bank says is “in line with the relative size of the North West’s business population”.
Among those to benefit was the Haweswater Hotel in Penrith, which secured CBILS funding to allow it to invest in some upgrades and to give it working capital during the lockdown.
Director Stephen O’Sullivan said: “The CBILS loan, and indeed the enforced period of inactivity that the shutdown has brought, has allowed us to take our business to the next level.
“We can now look forward to welcoming our customers back to see the changes we’ve made during this time.
|Region/nation||Volume of CBILS finance||
% of offered facilities
% of business population
|East of England||
|Yorkshire & Humber||
“If we hadn’t applied to CBILS for that financial support, there was a chance the business would have been put into administration.”
British Business Bank CEO Keith Morgan said: “A key objective for the British Business Bank is to identify and help reduce regional imbalances in access to finance for smaller businesses across the UK.
“It is welcome to see in the data that these schemes are helping businesses in the North West to access the finance they need to survive and stabilise, putting them in a better position to grow as we move into recovery.”
Breakdown of CBILS loans per region
Small Business Minister Paul Scully said: “Throughout this crisis, we have backed business of all sizes in the North West, and in every corner of the UK.
“The schemes put in place by the government-owned British Business Bank have provided some much-needed breathing space for businesses as they deal with the challenges posed by coronavirus.
“Government support has helped firms right across the North West, not just in keeping businesses going but now enabling thousands to bounce back in a safe, Covid-secure manner.”