Start-up Loans
Debate between Lord Popat and Earl Attlee
Lord Popat
My Lords, the noble Lord asked about lending 37% or 40% to London and not throughout the whole region. A large number of SMEs are based down south and up north, but it is for the whole region. To address this issue, we started a marketing campaign at the beginning of this month to make people aware of the different schemes available under the guarantee scheme. LEPs are now playing an important role in the regions in helping SMEs and making them aware of the different schemes available.
With regard to the business rate, it is currently frozen until April 2014 and the noble Lord must wait for the Autumn Statement in two weeks’ time to hear what the Chancellor has to say about it. We accept that it is a major issue for a large number of SMEs. Energy costs are being looked into by the Government at the moment. The British Business Bank has started. It consolidates a number of schemes within the Government. It will play a major role in lending new money. So far within those schemes we have private sector money and government money to the tune of £2.4 billion. The Government have injected a further £1 billion to do more lending to SMEs. The British Business Bank will play a vital role in helping SMEs and making businesses aware of the different schemes available within the Government. I hope I have covered all the questions asked by the noble Lord. If I have not, I will be very happy to write to him.
Earl Attlee (Con)
My Lords, I remind the House of the benefit of short questions to the Minister in order that he can answer as many as possible.