Question

To ask the Secretary of State for Business, Innovation and Skills, what steps he has taken to increase the availability of credit for small businesses in (a) Bolton North East constituency and (b) England in the last year.

The Government is committed to ensuring businesses can access the finance they need for investment and growth.

The Bank of England and HM Treasury announced in November that the Funding for Lending scheme would be focused on lending to businesses to reflect the success that the scheme has had with households. Lending under the Funding for Lending Scheme has totalled over £16bn according to the latest figures.

The British Business Bank is being established to ensure that business finance markets work efficiently and effectively for smaller businesses, and its loan guarantee and investment programmes supported £660 million of lending and investment in 2013 across the UK.

A breakdown of the value of debt finance facilitated to businesses in Bolton North East constituency and England through British Business Bank programmes in the last year is detailed in the table below.