New Businesses: Midlands

Department for Business, Energy and Industrial Strategy written question – answered on 26th February 2018.

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Photo of Jim Cunningham Jim Cunningham Labour, Coventry South

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to increase the number of business start-ups in (a) the Midlands and (b) Coventry.

Photo of Andrew Griffiths Andrew Griffiths Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies.

The British Business Bank (BBB) programmes are supporting £4 billion of finance to over 65,000 smaller businesses (as at end Sept 2017), whilst the Start Up Loans programme had lent £392.1m to more than 53,000 entrepreneurs (at end of January 2018). We will also offer support for SMEs in future sectors to tackle barriers growth. This will include a further £900m in the Industrial Strategy Challenge Fund for start-ups that are developing new propositions that respond to key global challenges

The Government also provides support to start-up businesses across England through GOV.UK and the Business Support Helpline. In addition we have funded the provision of tailored advice and support through the Coventry and Warwickshire Growth Hub and across the Midlands via the establishment of a Growth Hubs in each Local Enterprise Partnership area.

The Coventry and Warwickshire Growth Hub provides support to businesses in Coventry and includes a number of bespoke business support schemes for start-ups. The Government supported British Business Bank also has start-up loans available for small businesses in Coventry and the Midlands, including through the Midlands Engine Investment Fund.

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