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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department are taking to encourage new businesses in (a) Wakefield and (b) West Yorkshire.

The Government aims to make the United Kingdom the best place to start, grow and run a business. Government provides support and information for small businesses, including on starting and running a business, through our online services on GOV.UK; via the Business Support Helpline on FREEPHONE 0800 998 1098; and through the network of 38 local Growth Hubs in England.

A wide range of support and funding is available in Wakefield and across West Yorkshire for businesses at all stages, from start-ups and early-stage companies, to established businesses that are ready to expand and grow. With BEIS Growth Hub funding support, the Leeds City Region Enterprise Partnership’s Business Support Service provides a single point of access to a wide range of national and local support and funding.

Local programmes which encourage and support start-ups and young businesses include:

The Ad:Venture programme provides a full business start-up programme, with young West Yorkshire businesses benefitting from a tailored mix of practical advice, coaching, academic support, incubation work space, finance brokerage and low rate loans. Grant funding of between £1,000 and £25,000 is available to support capital growth costs. As of February 2021, 40 Wakefield businesses have benefitted from the programme, with £2.3m grant awarded to 427 businesses across the City Region.

The Business Growth Programme 2021/22 includes support for new start enterprises and assistance to established businesses to help them recover and adapt following the Covid-19 pandemic. Grants of between £5,000 and £500,000 will be available across West Yorkshire. The programme is supported by £7m from Government’s Getting Building Fund, extending services provided to March 2021 through the Local Growth Fund.

Entrepreneurship Support Package 2021 will encourage people from all communities across West Yorkshire to set up new businesses and help them tap into the wider sources of support that are available. The package will use at least £6m of investment funds provided by Government through the West Yorkshire Deal.

The British Business Bank’s Start Up Loans programme provides loans of up to £25,000 for those starting a new business, or for businesses which have been trading for up to 24 months. In addition to finance, loan recipients are offered a dedicated mentoring service and access to a free expert business mentor for 12 months to help them with every aspect of setting up a business. The Start Up Loans programme has delivered over 81,000 loans totalling more than £707m (as at end-Feb 2021). 92 loans have been issued in Wakefield, totalling over £727,000. 9% of loans have been issued in Yorkshire and the Humber region, totalling over £62m. The British Business Bank’s online Finance Hub also offers independent and impartial information on different finance options for businesses. In light of the coronavirus pandemic, the Finance Hub has been updated to clearly signpost the financial support options available for businesses during this period of uncertainty.

The Government’s new ‘Help to Grow’ scheme will help small businesses across the UK learn new skills, reach new customers, and boost profits. Help to Grow: Management will provide intensive management skills support to 30,000 small businesses whilst Help to Grow: Digital could support 100,000 small businesses with online advice and a voucher for software costs. BEIS will be engaging with stakeholders shortly but businesses can register their interest now at https://helptogrow.campaign.gov.uk/.