Question

To ask the Secretary of State for Business, Innovation and Skills, what steps his Department is taking to support small and medium-sized businesses in Fareham constituency.

Small businesses are vital to our economy and our small business owners have driven this economic recovery. The Fareham constituency has benefitted from a number of support schemes. The Start-Up Loan Scheme has provided business advice and 13 loans, with a value of over £56,000, to people starting a business. Since October 2013, 6 businesses have benefitted from the Government’s Enterprise Finance Guarantee Scheme with a total value of £780,000.

We are committed to making Britain the best place in the world to start and grow a business, and are doing this in a number of ways:

• £10 billion of financing will be unlocked for smaller business over the next 5 years by our British Business Bank;

• Government grants of up to £3,000 for better internet connectivity are available to small businesses;

• The Business Support Helpline is available to provide bespoke information and advice;

• Cuts to corporation tax from 28% to 21%; and

• £2,000 cut from the National Insurance bills of small firms from the new Employment Allowance.