Self-employed in York Outer get £10m for lost earnings

Latest figures reveal the amount which has been paid out under the Self-Employment Income Support Scheme.

New small businesses in York Outer have also received £680,573 through the Start-Up Loans scheme, from the £54 million provided to start-ups across Yorkshire and Humber by the government-directed British Business Bank, since 2012.

The scheme aims to help new businesses with affordable lending and mentoring support. Nationally, 33 per cent of loan recipients were unemployed at the time of application, and 20 per cent are from ethnic minorities.

Julian Sturdy, York Outer MP, said: “As someone from a small business background myself, I know the immeasurable value of affordable finance and useful advice when a new enterprise is just starting out, and I am glad that the Start-Up Loans scheme has been so useful to York businesses in taking those vital first steps, from which local jobs and growth come.

"There was a significant rise in nationwide take-up of start-up loans when Covid hit the economy, and this scheme therefore usefully complemented the very significant economic support provided by central government to tide our city over the economic impact of coronavirus.

"Latest figures show some £10.1 million has been paid out to self-employed people in York Outer by the government to replace lost earnings under the Self-Employment Income Support Scheme, with local businesses also benefitting from over £16.5 million of non-repayable government business grants, and drawing on over £35.9 million of ‘bounceback’ loans.

"This support has been essential, and to rebuild our local economy we have to ensure that people from the widest possible range of backgrounds are empowered to set up new businesses, in the manner envisaged by the Start-Up Loans programme. I will continue to press for our city to receive all the support it needs to return to its normal state of prosperity and high employment.”