High Peak MP Robert Largan has welcomed the announcement that the 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 East Midlands region (which includes the High Peak), 4,125 loans have been made so far to small businesses and entrepreneurs, totalling £31,993,970 with the average loan being £7,756, meaning that thousands of people have benefited from Government-backed support when they may otherwise have struggled to access it.
Of the people who have received a loan since 2012, 40 per cent were women, one in five came from Black, Asian and Minority Ethnic (BAME) communities, and one third were unemployed when they applied for the loan, reflecting the diversity of the UK start-up community.
The Start Up Loans scheme has benefited every region and country in the UK, and underscores the Government’s commitment to level up and improve opportunities across every part of the country as we continue our recovery from coronavirus.
Across the High Peak, this has meant that self-employed people have accessed £10,000,000 worth of Government grants to cover lost earnings, and £24,450,000 worth of grants have been handed out to businesses in High Peak, which do not need to be paid back. Bounce Back Loans worth £38,370,552 in total have been paid out to local businesses, which provides loans of up to £50,000 within days of an application.
Robert Largan MP commented:
“Small businesses in High Peak are the backbone of our local economy, and this Government has long been committed to giving them all the support they need to flourish and thrive.
“As we build Britain back better in the months ahead, I will continue to work to give High Peak’s local entrepreneurs and innovators all the support they need to keep them in business so they can create and protect jobs”.