Latest figures have revealed that the number of Bounce Back loans approved for smaller sized firms has passed the million milestone.
Offered to SMEs needing additional financial help during the pandemic, the data shows that loans worth £30.93 billion have now been approved.
Chancellor Rishi Sunak, commented, “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.
“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.”
Business Secretary Alok Sharma, added, “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.”
The Bounce Back Loan scheme is just one part of the government’s package of business support that includes: £27.4 billion to pay the wages of furloughed staff at 1.1 million firms, over 860,000 business properties benefiting from £10.5 billion of business grants, generous VAT deferrals and scrapping businesses rates.
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