Hospitality Industry: Loans

(asked on 22nd November 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the average loan-to-value ratio of hospitality businesses in (a) Birmingham, (b) the West Midlands and (c) the UK.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 1st December 2021

The Government has provided an unprecedented £400bn package of support for UK businesses during the COVID-19 pandemic, which included government backed loans, business support grants, business rates relief, CJRS and VAT cuts for food and beverage. The Government’s Covid-19 loan schemes provided a lifeline to millions of businesses, including those in the hospitality sector, across the UK – helping them survive the pandemic and protecting millions of jobs.

As of 31 May 2021, over £79 billion has been lent through the schemes. The schemes closed for new applications on 31 March 2021. Analysis from the British Business Bank in January 2021 shows that the proportion of overall Coronavirus loans in each of the nine English regions and three Devolved Nations matches closely their respective share of the UK business population.

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