Locations For Most Bounce Back Loans
Unsurprisingly every corner of the UK appears to have seized the opportunity offered by the Bounce Back Loan support but which are the regions where the most Bounce Back Loans were taken out?
The British Business Bank was responsible for operating the attempts to enable businesses to bounce back from the impact of Covid-19 through the provision of various Covid finance initiatives. It has overseen over 1.5 million Bounce Back Loans, enabling banks to lend over £47 million to UK businesses.
The region of the UK that appears to have had the highest number of loans issued is unsurprisingly London with 320,765 loans.
The North East
The region that issued the highest number of loans as a proportion of its VAT and PAYE registered businesses was the North East at 66.55%. According to the Office of National Statistics, there were 72,525 VAT and PAYE registered businesses with the North East having 48,262 loans issued.
Compared with the South East there was a startling 15% difference from the region in the UK that had the lowest number of loans % as a proportion of its VAT and PAYE registered businesses at 51.57%. The South East region has 420,185 of these businesses and the number of loans issued was 216,676. The national average was 56.23%
Bounce Back Loan Fraud
With well over 1.5 million Bounce Back Loans issued it is perhaps no surprise that some fraud has arisen. However, Lord Agnew who until his notable resignation on 24 January 2022 was Minister of State for Efficiency and Transformation at the Cabinet Office, launched a scathing attack on the operation of the scheme because of the extent of the fraud involved.
He said the Treasury’s approach to it was ‘a Dad’s Army operation’ and ‘a joke’ because of loans being issued to businesses in some cases that did not exist before the pandemic got underway.
Cannot Repay A Bounce Back Loan?
If you cannot repay a Bounce Back Loan with your company ceasing to trade and you want to close it down then we can help you with that process. We are fully licensed to enable you to consider placing the company into Creditors Voluntary Liquidation and if it is right for the circumstances. This may enable you to make a fresh start but in any event, the Liquidation can look to address the Bounce Back Loan. Contact us for a quote and free initial confidential advice.
Are you a Director or creditor of a business?
If you are a Director or creditor of an insolvent company or a bankruptcy, Oliver Elliot can help you. We Know Insolvency Inside Out.
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Disclaimer: Where Were Most Bounce Back Loans Taken?
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