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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what access to finance support is available to businesses in Oldham.

The British Business Bank is working to make it easier for businesses across the UK, including Oldham, to access the finance they need to start and grow. British Business Bank programmes are currently supporting almost £3.2 billion of finance to more than 51,000 smaller businesses and are participating in a further £4.6 billion of finance to small mid-cap businesses right across the UK, including Oldham. The Bank’s Business Finance Guide provides a comprehensive overview of the financing options available to businesses, from start-up to growth.

At Autumn Statement 2015, my right hon. Friend the then Chancellor of the Exchequer announced an agreement between the British Business Bank and Local Enterprise Partnerships in the North, which also covers Oldham, to create a Northern Powerhouse Investment Fund of over £400m. This Fund will produce greater levels of investment, increase the focus on the potential opportunities across the Northern Powerhouse regions and provide increased flexibility in the type of funding provided across the North. The Fund is expected to go live in early February 2017.

Businesses in Oldham have access to export finance advice. UK Export Finance (UKEF), the UK’s export credit agency, offers finance and insurance to help UK-based exporters of all sizes and across all sectors win, fulfil and get paid for overseas sales, ensuring that no viable UK export fails for lack of finance or insurance. UKEF’s North West based-Export Finance Advisers can help introduce Oldham businesses with who export or who have export potential to finance providers, credit insurers, insurance brokers, trade support bodies and sources of government support.

Businesses in Oldham also have access to one of thirty nine growth hubs across England that provide local access to business advice, support and sources of finance. The Greater Manchester Growth Hub provides free and impartial advice to help local businesses wanting to raise funds. The GOV.UK website hosts a Business Finance & Support Finder Tool which helps local businesses find sources of finance and the Business Support Helpline also provides help and support to businesses.