Question

To ask the Secretary of State for Business, Innovation and Skills, if he will make an assessment of the availability of finance for entrepreneurs who are discharged bankrupts.

Entrepreneurs who are discharged bankrupts can encounter difficulties in accessing finance because their credit history is affected for several years after a bankruptcy.

There are no targeted support schemes for entrepreneurs who are discharged bankrupts. However, they are still able to apply for finance from commercial sources and steps have been taken to improve the ability of all entrepreneurs to find the finance they need to start and expand a business. There is, for example the 'Finance Finder' tool on the gov.uk website. This is a searchable database of publicly-backed sources of finance. The tool helps to explore the full range of options available, from Government grants through to investment types of finance available from Business Angels and Venture Capitalists. In addition, the British Business Bank has recently published “The Business Finance Guide: A journey from Start-Up to Growth”. This is a unique guide that outlines sources of finance available to businesses. It is available on the British Business Bank website. Details of a wide range of private sector lenders, searchable by location and firm type can also be found at the Better Business Finance website.