NEW research has revealed that North East businesses were the most likely to borrow bounce back loans - but obtain the least amount of money from them.
Business Rescue Expert collated the total amount each devolved UK constituency has collectively borrowed under the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS), as well as the overall number of BBLS and CBILS taken out by businesses based in that area.
Their research found 27.5 per cent of businesses in the North East applied for finance under the bounce back loan scheme, which was the highest demand in the country.
However, the average amount actually loaned per applicant was £26,751 - the lowest figure in the UK.
The average North East firm loaned £7,000 less than their London-based equivalent
According to the study, businesses in the Hexham constituency borrowed £75,414,832 from 2,023 government loans.
To view the research in full, visit: https://www.businessrescueexpert.co.uk/bounce-back-loans-how-much-has-been-borrowed-in-your-local-area/
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