According to figures from the Department for Business, Energy and Industrial Strategy (BEIS), 20 small and medium sized enterprises (SMEs) in Telford accessed funding support and credit worth over £169,000 over the past 12 months via the British Business Bank's 'Start Up Loans' programme.
Businesses in the wider Telford and Wrekin area also benefited from the programme, and support and advice was available to new enterprises from The Marches Growth Hub.
The British Business Bank's 'Start Up Loans' programme aims to encourage entrepreneurship in the UK, increase the rate of business creation and improve survival prospects. More specifically, it offers loans (from £500 to £25,000, at 6% interest) alongside free mentoring and support to individuals who are starting a new business or who have been trading for less than two years. As at end of September 2017, it had lent £358.3m to more than 50,000 entrepreneurs.
Small business owners, and prospective start ups, can find more information and apply for credit via the British Business Bank by clicking here.
This information was provided in response to a Written Question, submitted on 27 February 2018. You can read the question, and the Minister's answer, in full, below:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the (a) number and (b) financial value of start-up loans was for small businesses in (i) Telford and Wrekin and (ii) the Telford constituency in the last 12 months.
Minister of State: We are working hard to support businesses and entrepreneurs across the UK, to ensure they can access finance and support to grow and that the right conditions are in place for companies to invest for the long-term.
For the 12 month period up to end of September 2017, the Start Up Loans programme provided 30 loans to businesses in Telford & Wrekin totalling over £325,000, of which 20 loans were to businesses in the Telford constituency totalling over £169,000. In addition, the Government has funded the provision of tailored advice and support for start-ups and SMEs in each Local Enterprise Partnership area and in Telford this is through The Marches Growth Hub.
Telford constituency is also part of the Midlands Engine. A key part of the Government’s strategy for fuelling growth in the region is the £250m Midlands Engine Investment Fund (MEIF), which was launched on 22 February and is a result of close collaboration between the British Business Bank, the Department for Business, Energy and Industrial Strategy, the Ministry for Housing, Communities and Local Government and 10 Midlands Local Enterprise Partnerships (LEPs). It aims to transform the finance landscape for smaller businesses in the Midlands, accelerate economic growth and promote job creation.
Finally, my Rt. Hon Friend the Chancellor announced in the Autumn Budget that we are extending the British Business Bank’s Enterprise Finance Guarantee to March 2022 and expanding the programme to support up to £500 million of loans per annum.
The answer was submitted on 06 Mar 2018 at 15:03.