Businesses of all sizes across Preseli Pembrokeshire have been boosted to the tune of over £50 million thanks to the UK Government’s coronavirus loan schemes.
The Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS), which supported larger and smaller businesses respectively, were introduced by the UK Government and the British Business Bank to support businesses with cashflow issues in the wake of the lockdown.
In total, 1,697 loans worth £50,643,039 have been issued in Preseli Pembrokeshire, at an average of £30,000 per loan.
The loans are guaranteed by the Government and are interest free for the first 12 months.
Commenting on these figures, Preseli MP Stephen Crabb said: “At the beginning of the lockdown in March, the UK Government reacted quickly and effectively to offer unprecedented levels of support to businesses and people’s livelihoods.
“Having spoken to a number of businesses in Pembrokeshire, these loans provided an important cash-injection into their business to ease cashflow troubles. Coupled with a quick application process these loans, especially the Bounce Back Loans, allowed local businesses to survive.”