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

To ask the Secretary of State for Business, Energy and Industrial Strategy, how much funding was awarded to businesses in Nottinghamshire under the Government-backed start-up loans scheme; and how much of that money has been repaid to date.

The Industrial Strategy aims to make the UK the best place in the world to start or grow a business. The Start Up Loans programme helps individuals access the necessary finance to start or grow a business in the UK. In addition to receiving a loan, applicants are offered free business support and access to a business mentor for 12 months after receiving funding, thereby enhancing their chances of success. Individuals can borrow between £500 and £25,000 and loan repayment periods are between one and five years.

The Start Up Loans programme is managed by the Start Up Loans Company, a subsidiary of the British Business Bank. At the end of July 2018 the Start Up Loans programme had lent £436m to over 57,000 entrepreneurs.

Since the inception of the programme in 2012, 808 loans have been distributed in Nottinghamshire at a value of £5.4m with repayments of £2.2m to date.