New Businesses

Department for Business, Energy and Industrial Strategy written question – answered on 17th September 2020.

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Photo of Rachael Maskell Rachael Maskell Shadow Minister (Digital, Culture, Media and Sport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what additional support the Government is providing to help start up businesses establish themselves in the current economy.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

The Department for Business, Energy and Industrial Strategy (BEIS) aims to make?the UK the best place to start, scale up and grow a business.

The Start Up Loans Company, part of the British Business Bank, provides government-backed business loans of up to £25,000 at a fixed interest rate of 6% per annum with repayment terms of 1 to 5 years. As well as finance, every loan recipient is also offered a dedicated mentoring service and access to a free expert business mentor for 12 months to help them with every aspect of setting up a business. At the end of March 2020, the Start Up Loans programme had delivered more than 71,500 loans, providing more than £586 million of funding.

For new businesses starting up or for existing businesses wishing to scale up, all advice and guidance – including employee support, tools to identify the right finance, and checklists for setting up the business in line with regulations – the main source of information is the GOV.UK website, with support also available via the Business Support Helpline on FREEPHONE 0800 998 1098 and the British Business Bank online Finance Hub.

Start up businesses may also contact the network of 38 local Growth Hubs in England. These are a gateway for local information, guidance, and expertise for businesses across England, including on taxes, finance and funding schemes.

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