New Businesses: Loans

Treasury written question – answered on 19th May 2020.

Alert me about debates like this

Photo of Rushanara Ali Rushanara Ali Labour, Bethnal Green and Bow

To ask the Chancellor of the Exchequer, what plans he has to enable fintech banks to provide loans to tech start-ups.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The UK is home to a world-leading fintech sector and an impressive amount of talent and expertise in this area. The government knows that fintech firms play an important role in the lending market, especially for smaller businesses.

The government is grateful for the way the sector has responded to the current crisis by identifying opportunities where technology may support our response. Already, a number of leading UK fintechs have been accredited by the British Business Bank (BBB) to help deliver the government’s business lending schemes. As of 17 May 464,393 facilities have been approved under the Bounce Back Loan Scheme, totalling £14.18bn.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.