York & North Yorkshire Local Enterprise Partnership responds to extension of Bounce Back Loan Scheme24 September 2020
A joint-statement from David Kerfoot MBE DL, Chair of York & North Yorkshire Local Enterprise Partnership, and Richard Shaw, Chair of the Business Board of York & North Yorkshire Local Enterprise Partnership:
“We are very pleased to hear that the Chancellor intends to extend the Bounce Back Loan Scheme. The economic impacts of COVID are on-going and with rising numbers across our region, we want businesses to be prepared in advance of any further economic downturn. Intelligence reports advise that the take up of this government scheme in our region is low, at a time when many small and micro businesses in our area are facing considerable cash flow issues.
“We understand that businesses may be wary to take out additional finance at this unpredictable time. However, this government scheme is an excellent opportunity for those looking to borrow and we would rather that businesses take the option whilst it is available as a proactive precaution. If the business doesn’t need the money it can be repaid to government within the next 12 months with no interest or costs.
“Our concern for the economic health of businesses across York and North Yorkshire is considerable. As is our concern for those individuals and families who at the heart of these businesses and our communities. We urge businesses to ask for help, be that for business advice, for financial support, or for support for your own personal well-being at a time when anxiety is a likelihood for the vast majority of business owners. Our Growth Hub can help. Visit ynygrowthub.com”