Businesses benefit from £426million in coronavirus loans - Truro and Falmouth biggest recipient in the county

  Posted: 15.10.20 at 22:19 by Joe Macey

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New figures show that businesses in Cornwall have benefitted from £426million worth of loans to help protect and support jobs since the start of the coronavirus outbreak - with Truro and Falmouth receiving the most.

Across the county, this includes over 11,900 Bounce Back Loans worth £319million. 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, 499 loans worth £108million have been offered via the Coronavirus Business Interruption Loan Scheme (CBILS).

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 Cornwall, a total of 12,402 loans worth £426,453,140 have supported businesses across all sectors, protecting jobs and

Constituency-wise, Truro and Falmouth is the biggest recipient in the county with £91million, followed by St Austell and Newquay (£82million) and North Cornwall (£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.

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