COMPANIES in Hampshire and Isle of Wight have borrowed more than Â£ 1.6 billion in Covid loans from the government.
Research shows that 40,879 offers were made to businesses in the county under the Bounce Back Loan or Coronavirus Business Interruption Loans.
The first repayments of the first loans were due last month.
The highest local loan was in Winchester, where 2,048 companies were offered a total of Â£ 61.7million under the Bounce Back loan scheme and 163 received Â£ 41.2million business interruption loans (CBils), according to a study by the insolvency firm Business Rescue. Expert. This represents Â£ 102.9 million for 2,211 companies.
In Fareham, Â£ 63.8million was offered to 2,106 companies in rebound loans and Â£ 37.65million in 161 CBIls, for a total of Â£ 101.5million for 2,267 companies.
New Forest West saw 2,065 companies offer Bounce Back loans totaling Â£ 61million, while 154 companies were offered CBils totaling Â£ 39.3million, or Â£ 100.4million for 2,219 companies.
Eastleigh saw Â£ 63.8 million offered to 2,289 companies under Bounce Back loans and Â£ 31.1 million in 132 CBils, making a total of Â£ 95 million for 2,421 companies.
At Romsey and Southampton North, 1,886 companies were offered Â£ 57.5million in bounce loans and 127 Â£ 26.8million in CBils, or Â£ 84.35million for 2,013 companies .
In the Southampton test, 2,075 companies were offered Â£ 64.4 million in bounce loans and Â£ 76 to 18.8 million in CBils, or Â£ 83.3 million for 2,151 companies.
Southampton Itchen offered Â£ 56.3million to 1,983 companies under the Bounce Back loans and Â£ 20.25million to 74 companies in the CBils.
In New Forest East, Bounce Back loans totaling Â£ 47.3 million were offered to 1,655 companies and 103 CBils totaled Â£ 28.5 million, or Â£ 75.8 million for 1,758 companies.
At Gosport, 1,404 companies were offered a total of Â£ 34.4million in bounce loans and Â£ 19.6million in CBI They were offered to 76 firms, or Â£ 54million for 1,404 companies.
The figures for the whole County and Isle of Wight are Â£ 1.64 billion for 40,879 companies.
Chris Horner, Director of Insolvency at Business Rescue Expert, said: âThe data provides a fascinating insight into the distribution of rebound borrowing across the country. This is particularly interesting when looking at the regions where businesses have borrowed the most and the amounts they have loaned.
‘Based on the insolvency cases of the small businesses we have worked with this year, over 41% of them went into liquidation with an outstanding repayment loan balance of Â£ 37,350 – above the average for individual borrowing from any location.
âNo matter where a business is based, the important thing to remember is that they have options if they have taken out a bounce loan and think they will have a hard time paying it off. By obtaining professional insolvency advice promptly, perhaps before potential problems arise, they will be in the best position to react and respond.
âAfter nearly two years of steadily declining, corporate insolvency numbers are starting to rise again and as the support measures are removed later in the year, we expect this trend to accelerate. It will not happen at a uniform rate across the country, it will affect some regions faster and more deeply than others. That’s why uncovering more paperwork and liquidation options now before circumstances force them to do so might be the best call any business can make in 2021. ”