Rugby businesses boosted by Government support worth £66 million during coronavirus lockdown - Rugby and Daventry Radio Station Midlands UK            

Rugby businesses boosted by Government support worth £66 million during coronavirus lockdown

Written by on September 7, 2020

Article Published on Monday September 7, 2020 11:14 PM by


Rugby businesses boosted by Government support worth £66 million during coronavirus lockdown


Rugby MP Mark Pawsey has welcomed latest figures showing scale of Government investment during coronavirus outbreak

Rugby and Bulkington MP 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 – including over 6,000 start up loans in the West Midlands.

These loans have enabled thousands of new small businesses to get off the ground and provided financial support from the UK Government where they may otherwise have struggled to access it. The Start Up Loans scheme is a key element of the government’s commitment to level up and improve opportunities across every part of the United Kingdom. As the country continues to recover from coronavirus businesses in Rugby and Bulkington are benefitting from this ambition.

The Government has also 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. In Rugby and Bulkington, this has meant nearly £9 million of grants for self-employed people, £16.5 million in small business grants and a further £41 million in Bounce Back Loans.

Welcoming these figures, Mark said:

“Small businesses in Rugby and Bulkington are the backbone of our local economy and as a former small business owner, I fully understand how important access to finance is, particularly in these very challenging times. I am pleased that the Government has long been committed to giving them all the support they need to flourish and thrive in our local economy.”

Mark continued:

“The Start Up Loans scheme has now provided the West Midlands with £50 million worth of investment and support to thousands of small businesses, including for those who may otherwise have struggled to access commercial loans. This has been a key driver of growth in the West Midlands in recent years and the Government’s unprecedented support over recent months will help protect jobs and growth as we enter the recovery phase.”

Mark concluded:

“As we build back better 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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Rugby businesses boosted by Government support worth £66 million during coronavirus lockdown
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