New Businesses: West Yorkshire

Department for Business, Energy and Industrial Strategy written question – answered on 22nd September 2021.

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Photo of Andrea Jenkyns Andrea Jenkyns Assistant Whip

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent steps his Department has taken to encourage entrepreneurs to set up new businesses in (a) Morley and Outwood constituency and (b) West Yorkshire.

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

A wide range of support and funding is available in Morley and Outwood and across West Yorkshire for businesses at all stages, from start-ups and early-stage companies to established businesses that are ready to expand and grow.

With BEIS funding support, the Leeds City Region Growth Hub provides a single point of access to a wide range of national and local support and funding, delivering impartial advice and support to businesses of all sizes and stages of growth. The Growth Hub can signpost the most effective support to individual businesses and entrepreneurs, including the following key products.

The Start Up Loans Company, part of the Government-owned British Business Bank, provides loans and pre- and post-application support to new entrepreneurs, including a year of free business mentoring for successful applicants. Since the Start Up Loans programme was launched in 2012, 123 loans have been delivered worth over £1.2m in Morley and Outwood, while across West Yorkshire 2,784 loans have been delivered worth £25.9m.

Business support in Morley and Outwood and across West Yorkshire also includes the Business Growth Programme, which comprises capital investment grants for businesses focussed on productivity, innovation, digital, resource efficiency and new start enterprises. Supported by £7m from Government’s Getting Building Fund, it is available to existing businesses and inward investors.

The Ad:Venture programme is a dedicated business start-up programme, with young West Yorkshire businesses benefitting from a tailored mix of practical advice, coaching, academic support, incubation work space, finance brokerage and low rate loans. To July 2021, 258 businesses in Leeds and 54 in Wakefield have benefitted from the programme, with £2.3m grant awarded to 471 businesses across West Yorkshire.

This support will be enhanced by an Entrepreneurship Support Package as part of the West Yorkshire Economic Recovery Plan, with boosting support for entrepreneurship across West Yorkshire a key priority. This package will use at least £6m of investment funds provided by Government through the West Yorkshire Devolution Deal and is focused on helping individuals in the region to explore and establish new businesses, including a £1m Business Start-Up Programme to assist with financial planning, business structure and tax, sales and marketing, access to finance and recruiting staff.

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