Banks: Loans

Business, Innovation and Skills written question – answered at on 11 October 2010.

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Photo of Priti Patel Priti Patel Conservative, Witham

To ask the Secretary of State for Business, Innovation and Skills what steps his Department is taking to increase (a) entrepreneurial activity and (b) levels of bank lending to businesses in Witham constituency.

Photo of Edward Davey Edward Davey The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Prime Minister has set out his ambition to make this decade the most entrepreneurial and dynamic in our history. To realise this ambition, my hon. Friend the Minister of State for Business and Enterprise, is developing a strategy for enterprise which challenges aspirations and capability, modernises business support, supports cash flow and access to finance, reduces burdens and transforms opportunities for individuals and their communities.

Ensuring the flow of credit to business is a key priority for the Government and we recently published a Green Paper, "Financing a private sector recovery", requesting the views of individuals, businesses and financial institutions. The Government will respond in due course.

As well as continuing to push banks to lend to viable businesses, the Government have extended the Enterprise Finance Guarantee (EFG) scheme by £200 million to £700 million. As of 8 September 2010, 16 businesses in the constituency of Witham have been offered loans totalling £2.69 million, of which 15 businesses have drawn down £2.65 million.

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