New data from the British Business Bank shows that businesses across the West Midlands have received a total of almost £3.5bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme. These provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.
• Almost 85,000 loans worth almost £2.6bn have been offered across the West Midlands under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000
• Over 3,700 loans worth over £870m have been offered across the West Midlands under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m
Total funding provided to West Midlands businesses represents 8% of the national total, in line with the relative size of the West Midlands’s business population (8%).
