Local MP Maria Miller has welcomed the announcement that the UK Government-owned British Business Bank has issued its 75,000th loan

Local MP Maria Miller 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 South East 6,752 loans have been made so far to small businesses and entrepreneurs, totalling £60,396,668 with the average loan being £8,945 – 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 communities (BAME), and one third were unemployed when they applied for the loan, reflecting the diversity of the UK start up community.

This support package comes on top of  unprecedented financial support already given through self-employed grant, 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

Across Basingstoke this has meant:

£11,800,000 worth of Government grants has been given to for self-employed people, which do not need to be paid back, to cover lost earnings.

£33,827,265 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.

·         £13,485,000 worth of grants has been handed to local businesses

Maria said; “Small businesses in Basingstoke are the backbone of our local economy, and I welcome Government’s commitment to giving them all the support they need to flourish and thrive.

“The Start Up Loans scheme has now provided £60,396,668 worth of investment and support to thousands of small businesses and entrepreneurs across the South East, including for those who may otherwise have struggled to access.

“I will continue to work with Basingstoke’s local entrepreneurs and innovators to ensure that they receive the support that they need.”

Business Secretary Alok Sharma said:  “The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it, making a real difference to tens of thousands of entrepreneurs across the country.

“Our plan to build back better will level up every region and sector of the UK economy, backing makers, doers and innovators regardless of background.”

“As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.”