Government Help on Loans

The government has decided to continue with their loan scheme to help those who have been affected by foot and mouth. The tourism sector is particularly affected by the outbreak and will be a target for the help. They are being offered special loans as a result of the crisis. The ad campaigns are underway to get visitors to come back into the South West, trying to tell these individuals that they are not closed for business.

However, many of the businesses are affected by the foot and mouth outbreak in a detrimental manner. Some have dropped their earnings by 100 percent because the visitors are staying far away from the community.

The tourism industry has so far lost 51 million pounds in the last month and an estimated 32 million pounds since March. This amount is most in accommodations and attractions. For other businesses such as travel and restaurants they have lost about 19 million pounds. The income for the quarter has seen a loss of about 200 million pounds during March.

The government has decided to help with 6 million pounds in ads for tourism. They are also offering loans for businesses that are suffering because of the outbreak. The new plan should help the cash flow issues of the businesses. The existing Small Firms Loan Guarantee Scheme is going to be extended. They are also offering more advantages to those struggling businesses.

The government is also looking into the extra bank holidays in order to help with the businesses recover. It doesn’t matter when the outbreak will be controlled. The fact is the strong pound, weather and cheap packages will help a tough year, but it will still be difficult to regain the losses already sustained. If you are suffering you need to see what help can be brought to your steps.

Back To Financial News May 2008

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