Businesses across the South East have benefitted from almost £6bn in Covid-19 financial support

New data from the British Business Bank shows that businesses across the South East have received a total of almost £6bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme. These provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.

• Over 144,000 loans worth over £4.3bn have been offered across the South East under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000
• Over 7,300 loans worth almost £1.6bn have been offered across the South East under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m

Total funding provided to South East businesses represents 14% of the national total, in line with the relative size of the South East’s business population (16%).

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