Small Businesses: Government Assistance

Department for Business and Trade written question – answered at on 9 February 2024.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask His Majesty's Government what plans they have to support small firms struggling financially as a result of adverse economic conditions.

Photo of Lord Offord of Garvel Lord Offord of Garvel The Parliamentary Under-Secretary of State for Scotland, Parliamentary Under Secretary of State (Department for Business and Trade)

Small and medium sized businesses are the backbone of our economy, driving economic growth. The Department for Business and Trade continues to deliver over 40 support schemes that help businesses start, grow and export. At the Autumn Statement, my Rt Hon Friend the Chancellor announced further support for SMEs over the next five years. This support can be accessed through local Growth Hubs, Help to Grow and a dedicated Business Support Helpline. In addition, The British Business Bank improves access to finance to help businesses invest and grow. It currently supports over £12.4bn of finance to over 90,000 businesses.

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