Hospitality Industry: Small Businesses
(asked on 15th December 2022) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask His Majesty's Government what plans they have, if any, to provide a breakdown of grant support options for SME hospitality businesses seeking to fund expansion and growth projects.
Answered by
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
On 20 July, the Business Secretary announced an extension for the Recovery Loan Scheme to help smaller businesses, including hospitality, access loans and other kinds of finance up to £2 million per business group so they can grow and invest.
The Start Up Loans Company, part of the Government-owned British Business Bank, provides loans and pre- and post-application support to new entrepreneurs, including a year of free business mentoring for successful applicants.
Since the Start Up Loans programme was launched in 2012, over 99,000 loans have been delivered with an aggregate value of more than £9342m (average loan size of £9,369), as of November 2022.