Businesses in Scotland have received loans from the UK Government worth more than £2.5 billion during the pandemic, the Treasury says.
More than 86,000 loans worth £2.4 billion were made through the bounce back scheme, while a further 4,000 loans were made via the business interruption scheme.
The retail and construction sectors made the most use of the loans, according to an update from the Treasury on its economic support, while around 142,000 people claimed an average of £2,500 through the self-employment support scheme.
At the start of winter, repayment periods for the bounce back loans were extended to give companies more time to grow.
Chancellor Rishi Sunak said: “Throughout this crisis, we have provided more than £280 billion of support to protect jobs and livelihoods up and down the country.
“We are committed to continuing to ensure jobs are protected and opportunity is created.”
Scottish Secretary Alister Jack said: “Today’s figures speak for themselves, over 90,000 businesses across Scotland have benefited from £2.5 billion in UK Government-backed loans providing a vital lifeline and certainty to plan for the months ahead.
“This is just part of a package of UK Government support for businesses which also includes the furlough scheme, now extended to April, self-employed income scheme and VAT cuts for our hospitality and tourism sectors.
“We have also given the Scottish Government an additional £8.6 billion of upfront funding this year to help them respond to the pandemic with the good news last week some of this money is now finding its way to businesses.
“As we continue to see throughout this pandemic, the strength of the Union and support offered by the UK Treasury has never been more important.”
Enjoy the convenience of having The Sunday Post delivered as a digital ePaper straight to your smartphone, tablet or computer.
Subscribe for only £5.49 a month and enjoy all the benefits of the printed paper as a digital replica.Subscribe