Businesses in North Devon have benefitted from £85million worth of loans, part of the £878million in the whole of Devon to help protect and support jobs since the start of the coronavirus outbreak – more than any other county in the South West.
Countywide, this includes over 22,800 Bounce Back Loans worth £634million. These are 100% government-backed loans which are interest-free for the first 12 months.
This scheme ensures small firms that need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.
Also, over 1,000 loans worth £244million have been offered via the Coronavirus Business Interruption Loan Scheme (CBILS) in Devon.
This scheme has helped small and medium sized businesses to access loans and other kinds of finance up to £5million.
South West businesses have benefitted from over £4billion in loans.
In Devon, a total of 23,956 loans worth £878,420,610 have supported businesses across all sectors, protecting jobs and livelihoods. North Devon alone saw 2,254 loans worth £84,767,133 for businesses in the district.
Constituency-wise, Totnes is the biggest recipient in the county with £89million, followed by North Devon (£85million), East Devon (£83million) and Exeter (£81million).
Chancellor Rishi Sunak announced last Friday that the government’s Job Support Scheme would be expanded to protect jobs and support businesses that are required to close their doors due to coronavirus restrictions.
Mr Sunak is also increasing cash grants to businesses in England that are required to shut in local lockdowns to assist with fixed costs – worth up to £3,000 per month.
So far, the Government has provided over £200billion throughout its economic response to coronavirus to support jobs and businesses in the UK.
Mr Sunak said:
“Our support for businesses and workers has provided a lifeline to employers up and down the country, supporting people to stay in jobs and protecting livelihoods.
“We will build on this as we move to the next stage of our recovery through the Winter Economy Plan, which will continue to protect jobs and help businesses through the months ahead.”
Selaine Saxby, MP for North Devon, said:
“I am pleased to see North Devon get the backing it needs from the Government to help us through this difficult time. Small and medium sized businesses make up the backbone of the North Devon economy and this support is hugely welcome to protect jobs and livelihoods across our area.”