London businesses received £16bn through government support schemes
London businesses took more than £16bn in taxpayer money through the government’s two largest Covid-19 support schemes, it was revealed today.
The British Business Bank, which administers the scheme, said that the proportion of the lending to the capital’s business community was about 20 per cent of the national total.
That’s broadly in line with the relative size of the capital’s business population compared to the rest of the country.
Nearly 321,000 loans worth £10.8bn have been provided across the capital under the Bounce Bank Loan Scheme (BBLS).
This programme gives businesses a six-year term loan from £2,000 up to 25 per cent of a business’ turnover, with a limit of £50,000.
And a further 16,500 loans worth more than £5.5bn have been provided across the region under the Coronavirus Business Interruption Loan Scheme (CBILS), which aimed to give firms with a turnover less than £45m up to £5m in support.
Steve Conibear, UK network director, south and east of England at the British Business Bank said: “The Covid-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cash-flow concerns for many.
“We’re pleased to see evidence that they have helped smaller businesses right across London and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”