Grant support for businesses and self-employed people in South West passes £2billion mark

George Eustice, Member of Parliament for Camborne, Redruth and Hayle has welcomed the news that businesses and self-employed people in the South West have received over £2billion in government grants to support them through the coronavirus pandemic, according to new data released today.

Businesses have received £1.36billion and the self-employed £706million via grants that do not need to be paid back. Meanwhile, businesses across the region have received £3.34billion in coronavirus loans. The data shows that the highest receivers in each category are Cornwall with £246million in grants for businesses, Somerset with £119million in grants for the self-employed and Gloucestershire and South Gloucestershire with £553million in loans. The data highlights how all 55 constituencies in the South West have benefitted from an unprecedented package of support to protect lives and livelihoods.

Meanwhile, this week the UK government-owned British Business Bank issued its 75,000th loan through its Start Up Loans programme. Since its launch in 2012, the bank has issued £50.8million in loans to 6,214 small businesses and entrepreneurs in the South West, at an average of £8,179 each. Over £623million in loans has been issued across the country.

George said, "The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it, making a real difference to tens of thousands of entrepreneurs across the country. Our plan to build back better will level up every region and sector of the UK economy, backing makers, doers and innovators regardless of background. As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.”

Figures for Camborne, Redruth and Hayle are listed below:

Constituency: Camborne & Redruth

Self-Employment Income Support Scheme (£): 12,000,000

Loans (CBILS and BBLS) (£): 43,812,648

Business grants: £26,905,000