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Monday, August 31, 2020

MP welcomes government cash aid to local businesses

Clwyd South MP Simon Baynes 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 Wales, 3,443 loans have been made so far to small businesses and entrepreneurs, totalling £32,226,155 with the average loan being £9,360. 

Self-employed people in Clwyd South have accessed £7,500,000 worth of Government grants, which do not need to be paid back, to cover lost earnings. 

And £20,514,589 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.

Mr Baynes said: “Small businesses in Clwyd South are the backbone of our local economy, and this Conservative UK Government has long been committed to giving them all the support they need to flourish and thrive.

“Our Start Up Loans scheme has now provided £32,226,155 worth of investment and support to thousands of small businesses and entrepreneurs across Wales, including for those who may otherwise have struggled to access it, helping to drive investment here and boost our local economy.

“As we build Clwyd South, Wales and Britain back in the months ahead, I will continue to work to give our local entrepreneurs and innovators all the support they need to keep them in business so they can create and protect jobs.”

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