Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many companies that availed of bounce back loans have (a) filed for bankruptcy and (b) indicated that they will not be in a position to repay their loans.
Answered by Paul Scully
Data on the number of companies with a Bounce Back Loan that have entered formal insolvency procedures will be collected in due course.
It is too early to provide figures relating to repayments given many businesses have yet to begin repaying their Bounce Back Loan. Further information related to loan repayments for the Government’s Covid-19 loan schemes will feature in the BEIS 2020-21 Annual Report and Accounts, scheduled for publication later this year.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much has been lent to firms in Northern Ireland under the Coronavirus Business Interruption Loan Scheme (CBILS); and if he will make an assessment of the potential merits of extending the repayment terms of CBILS borrowings.
Answered by Paul Scully
As of 10th January 2021, businesses in Northern Ireland have been offered 1,501 Coronavirus Business Interruption Loan Scheme (CBILS) facilities, with a value of £496,806,683.
Lenders are able to extend the repayment period for CBILS facilities beyond 6 years (up to a maximum of 10 years) where this is needed in connection with the provision of forbearance. CBILS term extensions are offered at the discretion of lenders.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many firms who received a Bounce Back Loan since the introduction of that scheme, have filed for insolvency.
Answered by Paul Scully
The Department does not currently hold this data. Borrowers under the Bounce Back Loan Scheme are not required to make repayments for the first 12 months of their loan term.
When repayments begin, we will be able to monitor the rates of business failure among borrowers through assessing the number of claims by lenders under the guarantee agreement.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much was lent to borrowers in Northern Ireland under the Bounce Back Loan scheme in 2020.
Answered by Paul Scully
A breakdown on the number of loans provided through the Bounce Back Loan scheme as of 4 January 2021 is in the table below.
Region | Value of Loans Offered (£) | Number of Loans Offered |
Northern Ireland | 1,166,015,199 | 37,947 |
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with the devolved regions on reducing levels of (a) carbon dioxide, (b) nitrous oxide and (c) methane in the atmosphere across the UK.
Answered by Kwasi Kwarteng
There are regular discussions between the Department for Business, Energy and Industrial Strategy and counterparts in the Devolved Administrations at official and ministerial level on reducing greenhouse gas emissions, and these discussions will continue.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will make an assessment of the potential merits of introducing a scheme to provide financial support to small independent retailers to increase their online sales platform to help tackle a drop in footfall as a result of the covid-19 outbreak.
Answered by Paul Scully
The Government is committed to supporting the UK’s small independent retailers make better use of technology and trading online, expanding their customer base from the local high street to a national and international marketplace.
Retailers are able to access an unprecedented package of support including the Coronavirus Business Interruption Loans Scheme and Bounce Back Loans Scheme. Additionally, businesses in Northern Ireland can access https://www.enterpriseni.com/ for further support.
The Start Up Loans Company, a subsidiary of the British Business Bank, delivers the Government’s Start Up Loans programme providing finance and support for businesses who struggle to access other forms of finance.
Tech Nation, which receives grant funding from the Department for Digital, Culture, Media and Sport, provides a range of resources to support the growth of digital businesses in the UK. This includes a Digital Business Academy that provides free online courses on starting and growing a digital business.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure that postal services are maintained in rural areas after the covid-19 outbreak.
Answered by Paul Scully
The Universal Service Obligation is set out in the Postal Services Act 2011 and ensures a six-day a week, one price goes anywhere, service for the delivery and collection of letters (and five days a week for parcels) throughout the United Kingdom. Ofcom, as the UK’s designated independent regulator of postal services, monitors the delivery of the universal postal service standards.
Throughout the COVID-19 pandemic, postal operators have continued to provide a valuable service to this country, including in rural communities.
The Government’s objective in relation to postal services continues to be to secure a sustainable service for users throughout the UK, including those in remote and rural areas.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the timescale is for the accreditation of banks in Northern Ireland to enable those banks to provide Bounce Back loans to small businesses during the covid-19 outbreak.
Answered by Paul Scully
Accrediting new lenders for the Bounce Back Loan Scheme (BBLS) is a priority for the British Business Bank. The Bank is working at pace to accredit more lenders, including lenders operating in Northern Ireland, to further extend the Scheme’s reach and provide more choice for businesses.
The Bank has put substantial additional resources in place to create a streamlined process within the Bank to help onboard new lenders seeking accreditation as quickly as possible. For example, existing lenders accredited under the Coronavirus Business Interruption Loan Scheme (CBILS) may have an expedited accreditation process for the BBLS.
There are currently 16 accredited lenders for the BBLS, with three operating specifically in Northern Ireland.
Asked by: Carla Lockhart (Democratic Unionist Party - Upper Bann)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many businesses have (a) applied to and (b) been approved for funding from the Coronavirus Business Interruption Loan Scheme in Northern Ireland; and what steps he is taking to ensure banks are showing flexibility to applicants in need of support.
Answered by Paul Scully
As of 6 May, in total over £5.5 billion worth of loans have been issued under the Coronavirus Business Interruption Loan Scheme (CBILS) to 33,812 businesses.
Lenders have received 62,674 completed applications.
We are working with the British Business Bank, HM Treasury and the lenders on regular and transparent data publication going forward and to ensure that companies receive the full benefits from the support being provided.
The Business Secretary continues to work with banks and other finance providers to help SMEs access the finance they need and has discussed with these organisations the alternative forms of support for businesses that they are offering. The Government welcomed the statement by UK Finance on behalf of the financial sector which announced that banks, building societies and credit card providers are committed to supporting their business customers in continuing to trade.
The Government has responded to feedback to ensure that companies feel the full benefits of available support through the Coronavirus Business Interruption Loan Scheme (CBILS) by: