The UK Government-owned British Business Bank has this week issued it's 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, totaling £32,226,155 with the average loan being £9,360 – meaning that thousands of people have benefitted from UK Government backed support where they may otherwise have struggled to access it.
The Start Up Loans scheme has benefitted every region and country in the UK, and underscores the government’s commitment to level up and improve opportunities across every part of the United Kingdom as we continue our recovery from coronavirus.
The Conservative 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 holiday for sectors which are struggling with cashflow issues.
Commenting, Tomos Dafydd Davies said:
Small businesses across Mid & West Wales are the backbone of our local economy. I am pleased that a Conservative Government has been able to offer this unprecedented package of economic support to help businesses.
The Start Up Loans scheme has provided investment and support to thousands of small businesses across Wales, including many who may otherwise have struggled to survive through what have been exceptionally challenging times.”
