Renfrewshire businesses have been given almost £185m in covid loans

Businesses across Renfrewshire received a total of almost £185 million in funding under the government’s two largest Covid-19 loan schemes, new data shows.

The UK Government launched financial support loans as the pandemic shut down much of the economy.

Thousands of Renfrewshire companies impacted by the outbreak took advantage of the loans, which were given out at favourable rates as part of the government’s coronvirus response.

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The Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) helped support 4,753 firms in Renfrewshire, according to figures released by the British Business Bank.

In Renfrewshire, 4,502 companies received a total of £130,651,701 through the BBLS, while 251 businesses received £53,767,593 from the CBILS.

The schemes, which ended in March, dished out a total of almost 94,000 loans worth over £2.7bn across Scotland under the BBLS, which provided a six-year term loan from £2,000 up to 25 per cent of a business’ turnover, with a limit of £50,000.

More than 5,900 loans worth over £1.4bn have been provided across Scotland under the CBILS, which provided loans, overdrafts, invoice finance and asset finance of up to £5m to businesses with a turnover less than £45m.

Total funding from the schemes provided to almost 100,000 businesses represents 6 per cent of the UK total, in line with the relative size of Scotland’s business population.

Mark Sterritt, UK Network Director, Scotland at British Business Bank said the loan schemes are starting to show an impact as the economy begins its slow recovery.

He said: “The Covid-19 loan schemes have been an important part of the government’s response to the pandemic, providing businesses with much-needed breathing space and reducing cash-flow concerns for many.

He added: “We’re pleased to see evidence that they have helped smaller businesses right across Scotland and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”

Daily Record – Paisley