MP welcomes business support to constituency

New statistics showing the Government support to businesses in Elmet & Rothwell have been welcomed by local MP Alec Shelbrooke.

Businesses across Elmet & Rothwell have benefitted from £86,129,701 worth of loans since the start of the coronavirus outbreak, announced the MP.

Mr Shelbrooke said: “This year has been hugely challenging for local businesses, but these latest figures demonstrate the scale of support that the Government has put in place to protect livelihoods and businesses.

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“The amount of money provided by the Government has been unprecedented and welcome.

“As ever, there are areas where improvements would help further, for example, I am lobbying Ministers to provide more assistance to the hospitality sector, as well as lobbying Leeds City Council to provide more assistance to small businesses operated by single-owner company directors.”

He said the loans include 2,209 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £61,684,441.

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.

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In addition, 116 loans have been offered in Elmet & Rothwell at a value of £24,445,260 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.

Across Yorkshire a total of 89,851 Bounce Back Loans, worth over £2 billion, and 4,232 Coronavirus Business Interruption Loans, worth £1 billion, have been provided to businesses to support businesses across all sectors.

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