Oral Answers to Questions Debate
Full Debate: Read Full DebateDavid Evennett
Main Page: David Evennett (Conservative - Bexleyheath and Crayford)Department Debates - View all David Evennett's debates with the Department for Business, Energy and Industrial Strategy
(4 years, 2 months ago)
Commons ChamberIt is time for me to add my voice to that of Members across the House expressing their condolences to the loved ones of Jo Cox and, indeed, wishing a swift recovery to the hon. Member for East Dunbartonshire (Amy Callaghan). That was horrific news, and I hope that she is back on her feet as soon as possible.
Liverpool City Council, which I have spoken to, has handed out £87,885,000 to businesses, including small businesses and those in the retail and hospitality sector. That is why I was pleased to be able to extend the discretionary scheme to capture more of the businesses that fell short. I know that Liverpool City Council has an economic recovery plan, in addition to “Liverpool Without Walls”, to encourage pubs and restaurants to open safely. That will help young people especially to get back into employment and get our economy up and running.
We want to make the UK the best place to start and grow a business, and it should not matter where in the UK that is. The start-up loans programme has helped more people to realise their dream of starting a business, with more than 72,000 loans, worth £591 million, since 2012. During 2018-19, our growth hubs helped more than 9,500 business starts in England, and through programmes operated by the Government-backed British Business Bank we are currently supporting more than £7.7 billion of finance to more than 94,900 small and medium- sized enterprises.
Start-up businesses are vital to our economic recovery. What more can the Government do to help the very smallest businesses access the right finance quickly to survive during and post covid-19?
I pay tribute to my right hon. Friend for the work that he has done with small businesses for many years, including when we were working with businesses together. I know that he continues that work. As part of the package of covid-19 recovery measures we created the bounce-back loans scheme, which targets small and microbusinesses in all sectors, providing loans from £2,000 up to 25% of the business’s turnover, with a maximum loan of £50,000. Applications are done via a simple online form. As of 7 June, 782,246 loans, worth £23.78 billion, have been approved.