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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what support his Department is providing to SMEs in the West Midlands before the UK leaves the EU.

Our Industrial Strategy aims to make Britain the best place to start and grow a business, and a global draw for the most innovative companies. We are already doing a lot for small and medium sized (SMEs) enterprises in the West Midlands.

Growth Hubs help simplify the business support landscape, providing joined up access to the full range of local and national support programmes (public and private). Since their launch, the six Growth Hubs in the West Midlands have engaged and supported over 37,500 businesses; delivered over 2,200 intensive assists; and helped over 1,850 individuals to start a business.

Businesses in the West Midlands can also access national support through GOV.UK and the Business Support Helpline.

British Business Bank programmes are currently facilitating over £629m to 3,493 businesses in the West Midlands. In addition the Start Up loans programme has issued 4,421 loans to value of over £30m.

The West Midlands also forms part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund, which aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation. The Fund launched its first wave, £120m of Debt and Small Business funds, in August 2017.

Alongside this, the Government is working with the European Union to agree a deal on an implementation period and future partnership following the UK’s exit in order to ensure a smooth and orderly transition for businesses. Any additional support provided to small businesses will also be informed by the outcome of these ongoing negotiations.