Question

To ask the Secretary of State for Business, Innovation and Skills, what steps his Department has taken to increase the level of access to credit for businesses in Stafford constituency in the last 12 months.

The Government is committed to ensuring businesses can access the finance they need to invest and grow.

We are setting up the British Business Bank to make finance markets work better for small firms. Over the next five years, the Bank aims to unlock up to £10 billion of financing for viable smaller businesses. The Business Bank funds schemes including Start Up Loans and the Enterprise Finance Guarantee Scheme.

A breakdown of businesses in the Stafford Constituency that have been supported by British Business Bank schemes last 12 months are detailed in the table below.

*Data from 01/09/2013-31/08/2014

The Black Country Reinvestment Society (BCRS) are a Community Development Finance Institution (CDFI) serving the Stafford constituency providing credit and funding to local businesses unable to secure finance from traditional financial institutions such as banks. BCRS are accredited to provide EFG backed lending facilities and are also a Start Up Loan delivery partner.

The Community Development Finance Association (of which BCRS is a member) have also received Regional Growth Fund support

There is one Round 1 Regional Growth Fund project in the Stafford constituency with a grant of £4 million, leveraging £56.5 million of private sector investment and creating or safeguarding 1,600 jobs.

The grant will assist this project to undertake research and development (R&D) for the creation of High Voltage Direct Current (HVDC) power transmission products at a new engineering centre of excellence in Stafford. The project will create 200 jobs and safeguard 1400 jobs in Stafford and involves a new R&D centre, together with the installation of technical equipment.