Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department is taking steps to ensure that funding provided by the UK Infrastructure Bank is targeted to small and medium-sized enterprises in (a) rural, (b) isolated and (c) deprived communities.
The UK Infrastructure Bank (UKIB) was launched in June 2021 and is a government-owned lending institution headquartered in Leeds.
UKIB has a mandate to tackle climate change and support regional and local economic growth across the UK by investing in economic infrastructure including clean energy, transport, digital, water and waste. As of 10th November, the UKIB has announced 10 deals worth over £1 billion covering all areas of the UK.
Within its remit, UKIB is able to support small and medium-sized enterprises (SMEs) indirectly through its financing of infrastructure projects.
Over the past two years, the Government has taken unprecedented action to protect millions of SMEs, including the Coronavirus Job Retention Scheme and Government-guaranteed loans. This year we are extending the Recovery Loan Scheme until June 2024.