Small businesses are the lifeblood of the local economy, which is why I welcome the governments determination to support our traders and entrepreneurs in dealing with global economic challenges.

 

The government has extended the Recovery Loan Scheme, to ensure that much-needed finance to thousands of small businesses  is provided here in Norwich, creating jobs and driving economic growth.

 

The Recovery Loan Scheme, originally launched in April 2021 to help businesses recovering from the Covid-19 pandemic, has supported almost 19,000 businesses with an average of £202,000 in support and gives lenders a government-backed guarantee against the outstanding balance of the facility. The extension provides further government support for businesses grappling with cost pressures and adds to measures already announced by the Chancellor, such as increasing the Employment Allowance, slashing fuel duty, and introducing a 50% business rates relief for eligible high street businesses.