One third of the businesses who received loans to support them through the damage done by the prom scheme are in arrears on their payments.
The DfE’s Enterprise Support Schemes report shows its loan scheme awarded £716,000 to 15 applicants and that as of March 31 2025, repayments totalled £223,021.
The department said:”There are five loan recipients currently in arrears with their repayments and the department is taking appropriate action.”
The scheme, which ran from January 2020 to May 2022, offered interest-free, unsecured loans of up to £50,000 and a £450 accountant fee payment to businesses within the regeneration zone.
While much needed, the scheme was blasted by businesses for the way it was handled and for the finished result.
There are two questions currently awaiting reply from the current DoI Minister on the prom scheme including what plans there are to review the promenade’s condition, particularly regarding damaged flagstones on pedestrian crossings.
