Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to support business growth schemes in (a) the North West and (b) Blackburn with Darwen.

We are working hard to support businesses and entrepreneurs across the UK to ensure they can access finance and wider support to grow and the right conditions are in place for companies to invest for the long-term.

Small businesses across the North West can access national support through GOV.UK and the Business Support Helpline. Government has also supported and invested in the creation of a network of 38 Growth Hubs (one in each Local Enterprise Partnership area), providing businesses across England with tailored advice and support. For businesses in Lancashire (including those based in Blackburn, Darwen and Rossendale) this support is provided by Lancashire Business BOOST Growth Hub which acts as the first port of call for businesses seeking advice and support locally. Since its launch in November 2013, Boost has engaged and supported 3943 businesses and helped 312 individuals to start up a new business.

Since November 2014, the British Business Bank has facilitated over £11.8 million of investment/lending to 279 businesses within Blackburn and Darwen. This includes 208 Start-up Loans at a value of £1.4 million.

The British Business Bank also launched the new Northern Powerhouse Investment Fund (NPIF) on 22 February 2017. The NPIF works with ten Local Enterprise Partnerships, combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mixture of debt and equity capital to northern-based SMEs at all stages of their development. NPIF provides funding to fund managers who in turn offer microfinance (£25,000 - £100,000), business loans (£100,000 - £750,000) and equity finance (up to £2m).