Causeway Coast & Glens £174m CV-19 funding
New data published today shows that businesses across Northern Ireland received over £2bn in funding under the government’s two largest Covid-19 loan schemes, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS).
A breakdown of the Northern Ireland data shows that in the Causeway Coast & Glens Council area 3,575 businesses received a total of £174,754,204 under both schemes.
The schemes provided financial support to businesses across the UK impacted by the Covid-19 outbreak, closing for applicants at the end of March 2021.
Over 42,000 loans worth nearly £1.3bn have been provided across Northern Ireland under the Bounce Bank Loan Scheme, which provided a six-year term loan from £2,000 up to 25% of a business’ turnover, with a limit of £50,000.
Over 2,400 loans worth nearly £0.8bn have been provided across Northern Ireland under the Coronavirus Business Interruption Loan Scheme, which provided Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.
Total funding from the schemes provided to nearly 44,500 businesses represents 3% of the UK total, broadly in line with the relative size of Northern Ireland’s business population (2%).
Mark Sterritt, UK Network Director, Northern Ireland at British Business Bank 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.
“We’re pleased to see evidence that they have helped smaller businesses right across Northern Ireland and look forward to helping more businesses to prosper and grow as we look towards economic recovery.”