Chirk's MP, Simon Baynes, has welcomed the announcement that the UK Government-owned British Business Bank has issued its 75,000th loan through its Start Up Loans programme.

And according to statistics released by the government, self-employed people in the constituency of Clwyd South have accessed £7,500,000 worth of government grants, which do not need to be paid back, to cover lost earnings.

And £20,514,589 has been paid out to local businesses in the form of Bounce Back Loans, which provides loans of up to £50,000 within days of an application.

Mr Baynes admitted he was delighted with the uptake and promised to continue to offer his support to those who wanted to use the loans.

“Small businesses in Clwyd South are the backbone of our local economy, and this UK Government has long been committed to giving them all the support they need to flourish and thrive," he said.

“Our Start Up Loans scheme has now provided £32,226,155 worth of investment and support to thousands of small businesses and entrepreneurs across Wales, including for those who may otherwise have struggled to access it, helping to drive investment here and boost our local economy.

“As we build Clwyd South, Wales and Britain back in the months ahead, I will continue to work to give our local entrepreneurs and innovators all the support they need to keep them in business so they can create and protect jobs.”

The Start Up Loans scheme has benefited every region and country in the UK, and underscores the government’s commitment to level up and improve opportunities across every part of the United Kingdom as we continue our recovery from coronavirus.

Business Secretary Alok Sharma added: “The Start Up Loans programme was set up by the government-owned British Business Bank to give funding and support to entrepreneurs who might otherwise struggle to access it, making a real difference to tens of thousands of entrepreneurs across the country.

“Our plan to build back better will level up every region and sector of the UK economy, backing makers, doers and innovators regardless of background.

“Every loan recipient is offered a support package, including access to a free expert business mentor for 12 months to help them with every aspect of setting up a business.”