New data published today shows that businesses in the South West have received a total of over £4.8bn in funding under the government's two largest coronavirus loan schemes, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS).

The loans provide financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of coronavirus:

· Over 116,000 loans worth nearly £3.3bn have been offered in the South West under the Bounce Bank Loan Scheme, which provides a six-year term loan from £2,000 up to 25% of a business' turnover, with a limit of £50,000.

· Over 6,400 loans worth over £1.5bn have been offered in the South West under the Coronavirus Business Interruption Loan Scheme, which provides Business loans, overdrafts, invoice finance & asset finance of up to £5m to businesses with a turnover less than £45m.

The total number of loans provided to South West businesses represents 8% of the national total, in line with the relative size of the region's business population (9%).

Chief Executive Officer of the British Business Bank Catherine Lewis La Torre, said: "Reducing regional imbalances in access to finance for smaller businesses is a key objective of the British Business Bank.

"Looking towards economic recovery, we're pleased to see the Coronavirus loan schemes continuing to support smaller businesses in the South West in accessing the finance they need to keep trading and to support their future growth plans."

Nationwide the biggest percentage of loans have been offered to the construction industry with a total of £7,054,937,788 in loans, a total of 17% of all loans awarded.

According to the figures supplied by the British Business Bank, building and construction represents 16.6 per cent of all UK industry, over professional, scientific and technical activities at 14.6 per cent and then the motor trade which represents 9.2 per cent.