Coronavirus crisis: Rutland and Melton businesses borrow £100 million to help survive pandemic

  Posted: 16.10.20 at 08:39 by The Editor

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Businesses across Rutland and Melton have had to borrow almost £100 million to help them survive the continuing pandemic.

The figure has been released by Rutland MP Alicia Kearns to highlight the support central government is offering.

The £91, 298 362 worth of loans includes 2080 Bounce Back Loans – 100% Government-backed loans that are interest free for the first 12 months – worth £60,956,566.

In addition, 133 loans have been offered in Rutland and Melton valued £30,341,797 through the Coronavirus Businesses Interruption Loan Scheme.

This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.

Mrs said:"2020 has been a hugely challenging year for businesses locally, but these latest figures demonstrate the scale of Government support that has been put in place to protect livelihoods and businesses in Rutland and Melton.”

“Never has the Government’s agenda to level up the whole country been so important- and I will continue to raise my voice to ensure rural areas like ours get their fair share.”

Chancellor Rishi Sunak has also announced that the government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, alongside increasing the cash grants to businesses in England required to shut in local lockdowns to support with fixed costs – worth up to £3,000 per month.

So far, the Government has provided over £200 billion throughout its economic response to coronavirus to support jobs and businesses in the UK.

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