Start-up Loans

Brian Binley Excerpts

Wednesday 20th November 2013 Commons Chamber

[Matthew Hancock]

That is precisely why we need programmes such as this one, which I hope the hon. Gentleman supports. It is important for us all to realise just how difficult it is to recover from the scale of the banking crisis under the previous Government. Many measures are of course needed, and this very important one is helping thousands of people to start their own businesses and realise their dreams.

[Mr Brian Binley (Northampton South) (Con)]

I congratulate Mr Martin and wish him well. I started two small businesses that now employ almost 300 people, having gone into a sub-branch of Lloyds bank and come out with a facility of £60,000 in 1989. That would not happen now, so my concern is about whether information is getting through properly at the coal face. Will the Minister tell us whether that is happening, and will he continue to monitor that matter to ensure that the people he rightly says are in need of loans can receive them?

[Matthew Hancock]

Absolutely. The development and acceleration of the scheme includes an acceleration in people being able to get hard cash. In many cases, the turnaround time from application to delivery of the cash is about two weeks and, given that speed kills in relation to starting a new business, that is an important part of the process.