Question

To ask the Secretary of State for Business, Innovation and Skills, what additional support he plans to give small and medium-sized businesses in the UK.

Small businesses are vital to our economy and our small business owners have driven this economic recovery. The Inverclyde constituency has benefitted from a number of support schemes. The Business Bank’s Start-Up Loan programme has already provided 16 loans, with a value of £55,000, to people starting a business in Inverclyde. And since May 2010, the Enterprise Finance Guarantee Scheme has supported loans in the area with a total value of £970,000.

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.