Another Milestone for UK Government Investment in Small Business

Dr Ben Spencer, MP for Runnymede and Weybridge, has welcomed the announcement that the UK Government-owned British Business Bank has issued its 75,000th loan through its Start Up Loans programme, marking more than £623 million invested in small businesses across the UK since its launch in 2012

Across the South East 6,752 loans have been made so far to small businesses and entrepreneurs, totalling £60,396,668, with the average loan being £8,945 – meaning thousands of people have benefited from UK Government backed support where they may otherwise have struggled to access it.

The Government has already provided a huge and unprecedented package of support for businesses through this difficult time, including providing income support for self-employed workers, Bounce Back Loans of up to £50,000 for businesses experiencing financial difficulties, grants of up to £25,000 for the industries and small businesses which have been hardest hit by the coronavirus outbreak, a temporary cut in VAT for the tourism and hospitality sectors from 20 per cent to 5 per cent, and a 12-month business rates grants for many struggling with cashflow issues. Across Runnymede and Weybridge this has meant:

  • Self-employed people have accessed £13,000,000 worth of Government support through the Self-Employment Income Support Scheme, which does not need to be paid back, to cover lost earnings.
  • £64,202,049 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.
  • £17,571,174 worth of grants has been handed out to businesses, which do not need to be paid back.

Commenting, Dr ben Spencer said:

Small businesses in Runnymede and Weybridge are the backbone of our local economy. The support provided by this Government, not just through the pandemic, but also through the Start Up Loans Scheme, has helped ensure businesses can access the support they need to not only survive but thrive.  We must not just bounce back from Covid, but bounce higher.

The investment through the Start up Loan Scheme has helped to boost our local economy, and I am campaigning for further support for sectors with ongoing restrictions due to Covid, such as the arts and wedding industries.  In the months ahead, we must continue to support our businesses, the jobs they create and the communities they serve.