Nearly 1,500 small businesses in Corby and East Northants receive £17 million in Covid-19 support grants

Latest figures show that nearly 1,500 small firms across Corby and East Northants have already received more than £17.3 million in grants to support them through the pandemic.

Tom Pursglove, MP for Corby and East Northants, welcomed the figures and said: "I'm delighted that we have already been able to help so many small businesses so quickly.

“This is a hugely worrying and challenging time for everyone in business, in particular the small firms that are at the heart of our local communities across our towns and rural areas.

“It gives me reassurance to know that some of the comprehensive support announced by the Government had already reached 1,498 firms across Corby & East Northamptonshire before the end of April, to help protect businesses and people's livelihoods and I thank both Corby Borough Council and East Northamptonshire Council officers for their tireless efforts in processing these claims as quickly as possible at this time of unprecedented challenge, with many newer claims also close to completion.

“I know from a number of small businesses that have contacted me that their concerns are very real and worrying and so getting this Government-backed help to them as quickly as possible is absolutely critical.”

The Small Business Grants Scheme is one of the many Government initiatives for small businesses during the pandemic; where funding is provided to local authorities, who are then able to offer grants of up to £10,000 to small businesses, and up to £25,000 for eligible leisure, retail and hospitality businesses.

Since the scheme's launch in March, £17.3 million has been paid out in grants in Corby and East Northants from an allocation of £29.5 million, with claims still being processed, and the scheme is expected to help more than 2,500 businesses in total.

The Bounce Back Loans Scheme is the latest Government initiative and will provide loans of up to £50,000 to bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.

The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, with the fast-track finance scheme providing loans with a 100 per cent Government backed guarantee for lenders.

Mr Pursglove said: “Along with the existing comprehensive package of support that so many local businesses are accessing, I'm pleased that the Government has put this additional scheme in place to help address immediate cash flow related issues.

“As we all recognise, small businesses are vital in ensuring our communities thrive and they provide essential local employment.

"They will no doubt be crucial in creating jobs and securing economic growth as we recover and I pay tribute to them all for everything they are doing to weather the current storm.

"I will of course continue to engage with our local businesses to make sure they continue to get the help they require going forward and support them in taking up any issues that arise.

“There is an unprecedented amount of help available, and a significant body of information about it can be found on my website at https://www.votepursglove.co.uk/covid-19-coronavirus, or at www.gov.uk"