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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the (a) number and (b) financial value of start-up loans was for small businesses in (i) Telford and Wrekin and (ii) the Telford constituency in the last 12 months.

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

For the 12 month period up to end of September 2017, the Start Up Loans programme provided 30 loans to businesses in Telford & Wrekin totalling over £325,000, of which 20 loans were to businesses in the Telford constituency totalling over £169,000In addition, the Government has funded the provision of tailored advice and support for start-ups and SMEs in each Local Enterprise Partnership area and in Telford this is through The Marches Growth Hub.

Telford constituency is also 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 (MEIF), which was launched on 22 February and is a result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Ministry for Housing, Communities and Local Government and 10 Midlands Local Enterprise Partnerships (LEPs). It aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation.

Finally, my Rt. Hon Friend the Chancellor announced in the Autumn Budget that we are extending the British Business Bank’s Enterprise Finance Guarantee to March 2022 and expanding the programme to support up to £500 million of loans per annum.