Milton Keynes businesses have received £261,856,208 worth of loans in emergency coronavirus support from the Government.
This includes 6,401 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £191,469,880. The scheme ensures that small firms who need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.
In addition, 288 loans have been offered in Milton Keynes at a value of £69,286,328 through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
Ben Everitt, the MP for Milton Keynes North, commented: “2020 has been a difficult year and challenging year for everyone so this level of support from the Government has been extremely welcome.
“We have so many fantastic businesses in the city and this money can ensure MK remains a hub for business into the future.
“I’m continuing to work with local businesses and the Government to understand what further support is needed in MK.”
Iain Stewart, the MP for Milton Keynes South, said: “This year has been hugely challenging for businesses in Milton Keynes, but these latest figures demonstrate the scale of support that the Conservative Government has put in place to protect livelihoods and businesses.
“Never has the Conservatives’ agenda to level up the whole county been so important – and we will continue to focus on supporting hardworking families across MK.”
Rishi Sunak, the Chancellor of the Exchequer, added: “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.”
The Chancellor also announced on Friday that the government’s Job Support Scheme will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions, alongside increasing the cash grants to businesses in England required to shut in local lockdowns to support with fixed costs – worth up to £3,000 per month.