Recent data from the Government shows that Dorset businesses have so far received £284 million in grants to support them through the coronavirus crisis.
The total number includes grants provided to the self-employed, as well as larger businesses and organisations. Businesses across Dorset have also taken advantage of the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme, so far borrowing just under £540 million, according to data released via the government website GOV.UK.
Throughout the pandemic, many businesses have struggled to stay afloat, and the Government grants have undoubtedly provided much-needed financial support for those who have been hit hardest by the resulting lack of custom, inability to manufacture products, or staffing difficulties.
Of the eight constituencies in Dorset, West Dorset has claimed the most in business grants, at £39,241,300, while Mid-Dorset and North Poole have claimed the least, receiving only £15,289,400. The self-employed in Bournemouth East and North Dorset have claimed the most income support, both receiving £13,700,000. South Dorset residents who are self-employed have received the lowest amount of income support in Dorset, claiming just £10,100,000.
The figures were released as the government-owned British Business Bank provided its 75,000th loan in its Start Up Loans programme – a scheme designed to offer financial support to entrepreneurs who might otherwise struggle to get their business of the ground. It has so far issued over £623 million of loans to businesses across the UK.
Alok Sharma, Business Secretary, said: “Our plan is to build back better will level up every region and sector of the UK economy, backing makers, doers and innovators, regardless of background.
“As well as finance, every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.”
For more information on income support for the self-employed, visit the government website. Find out if you’re eligible for a Start Up Loan here.