Stuart Anderson MP has welcomed an extension of a vital support scheme for small businesses. The Recovery Loan Scheme (RLS), which has supported almost 19,000 British businesses, will continue to offer Government-backed loans to businesses for two more years. Stuart has said that the extension will provide further, significant backing for businesses as they continue to recover and grow sustainably.
The Recovery Loan Scheme (RLS) is a government scheme aimed at supporting access to finance for UK businesses. First launched in April 2021 to help businesses recovering from COVID-19, the Scheme has helped almost 19,000 businesses with an average of £202,000 in support. The RLS is delivered by the British Business Bank through a network of accredited lenders. The next iteration of the Scheme will open for applications in August 2022. Further details will then follow when the scheme goes live.
In 2022-23, more than 90 per cent of retail, hospitality, and leisure businesses will also benefit from a temporary business rates relief worth almost £1.7 billion. This will see eligible businesses receive at least 50 per cent off their business rates bills this year. In line with the Hospitality Strategy, which was published last July, Ministers have been working with the government-owned British Business Bank and its delivery partners to support access to finance for small businesses across the country. Stuart has now welcomed the extension to this Scheme, which adds to the support that has already announced for businesses in the UK. This includes increasing the Employment Allowance, slashing fuel duty, and introducing a 50% business rates relief for eligible high street businesses. Stuart has published further information about support for businesses via his website: www.stuartanderson.org.uk/business-support.
Earlier in the month, it was revealed that the economy grew by 0.5 per cent in May after a bounce back across all three main sectors of the economy – services, manufacturing, and construction. The number of employees on payrolls is at a record high and unemployment is at the lowest rate since 1974. Stuart has said that the extension will continue to provide valuable support for businesses faced with increased pressures due to global inflationary pressures, while creating more jobs and driving economic growth. He has also welcomed the expansion of the Help to Grow Digital Scheme, so that 1.24 million businesses can now access discounts worth up to £5,000 on eligible software. This will help to grow the economy to address the cost of living and level up opportunity across the UK.
Stuart Anderson MP said: “I am proud to represent a constituency with many entrepreneurs who contribute so much to the local economy by creating jobs and other opportunities. Small businesses play a key role in driving economic growth and, as we continue to help residents from inflationary pressures, we will also support them in dealing with these global challenges. The extension of the Recovery Loan Scheme will help to ensure small businesses continue to have access to finance so that they can grapple with these challenges and grow sustainably in the years ahead.”
