Business: Fareham

Department for Business, Innovation and Skills written question – answered at on 10 November 2014.

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Photo of Mark Hoban Mark Hoban Conservative, Fareham

To ask the Secretary of State for Business, Innovation and Skills, what steps his Department is taking to support small and medium-sized businesses in Fareham constituency.

Photo of Matthew Hancock Matthew Hancock Minister of State (Department for Business, Innovation and Skills), Minister of State for Portsmouth, The Minister of State, Department of Energy and Climate Change

Small businesses are vital to our economy and our small business owners have driven this economic recovery. The Fareham constituency has benefitted from a number of support schemes. The Start-Up Loan Scheme has provided business advice and 13 loans, with a value of over £56,000, to people starting a business. Since October 2013, 6 businesses have benefitted from the Government’s Enterprise Finance Guarantee Scheme with a total value of £780,000.

We are committed to making Britain the best place in the world to start and grow a business, and are doing this in a number of ways:

• £10 billion of financing will be unlocked for smaller business over the next 5 years by our British Business Bank;

• Government grants of up to £3,000 for better internet connectivity are available to small businesses;

• The Business Support Helpline is available to provide bespoke information and advice;

• Cuts to corporation tax from 28% to 21%; and

• £2,000 cut from the National Insurance bills of small firms from the new Employment Allowance.

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