Small Businesses: Newport West

Department for Business, Energy and Industrial Strategy written question – answered on 21st July 2022.

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Photo of Ruth Jones Ruth Jones Shadow Minister (Environment, Food and Rural Affairs)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he has taken to support small businesses in Newport West constituency.

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

Although business support is largely a devolved matter, the Government also provides a range of support that all businesses across the UK can access. This includes information on starting up and running a business on GOV.UK, and our new Help to Grow Schemes which will help small businesses across the UK learn new skills, reach new customers, and boost profits.

The Government backed British Business Bank helps make finance markets work better for small businesses, and 160 businesses in Newport West have benefitted from over £1.6 million in Start Up Loans since the programme was launched in 2012. At Spending Review 2021 we announced an additional £1.6 billion of funding for the next generation of UK Funds, including £130 million for a new fund in Wales that will provide debt and equity finance for innovative Welsh businesses.

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