Small businesses across the UK have been awarded £500 million through the Start Up Loans programme and Alex Burghart MP is urging more local entrepreneurs to apply.
So far, Start Up Loan figures show 34 loans have been awarded in Brentwood and Ongar, with firms receiving over £314,480 in support.
Since 2012, the Start Up Loans programme has issued nearly 65,000 loans to entrepreneurs and small businesses across the country, helping them to grow and create well-paying jobs in their local area.
As part of the Conservatives’ modern Industrial Strategy, entrepreneurs are being supporting to start up and businesses are supported to grow and reach their full potential. £13 billion of business rates support is being provided over coming years, as well as tackling delays in payments to small businesses to ensure that that they are paid on time.
Alex said: “It’s fantastic news that over £500 million has already been used to support smaller firms across the country, including here in Brentwood and Ongar. Now I’m urging more small and start up businesses here to apply for this support, which will help them to boost their productivity and create new jobs. Small businesses are the backbone of our economy, and through the modern Industrial Strategy and schemes like the Start Up Loans programme, this Government is determined to support them.”
Notes to Editors
- We are helping small businesses access the finance they need to grow and succeed. We set up a British Business Bank, which has now supported 63,920 businesses with £500 million of support through the Start Up Loans programme (BEIS, Press Release, 20 June 2019, archived).
- We’re supporting business owners from more diverse backgrounds. 40 per cent of those who have received a Start Up Loan are women, 22 per cent come from BAME communities and more than 36 per cent were unemployed when they apply for the loan (BEIS, Press Release, 20 June 2019, archived).
- We are backing British Businesses with a £2.3 billion tax cut. We helped our army of 5.68 million small businesses by bringing forward the planned Business Rates switch from RPI to CPI to April 2018, worth £2.3 billion to businesses over the next five years (HMT, Budget 2017, 22 November 2017, link).
- 600,000 small firms will pay no business rates at all as we extend the doubling of rate relief. From October 2010 to April 2016, small business rate relief was doubled and the 2016 Budget made this change permanent, meaning around 600,000 small firms pay no rates at all (HMT, Budget 2017, 22 November 2017, link).
- We are cutting business rates for small retailers by a third for two years – saving 90 per cent of all shops, pubs and restaurants up to £8,000. Our reforms and reductions to business rates since 2016 will be worth more than £12 billion over the next five years (HMT, Budget 2018, 29 October 2018, link).
- We are tackling delays in payments to small business to build an environment in which businesses all over the country can thrive. We are consulting on unfair payment practices and how they impact on businesses, along with publishing what further steps the Government could take to tackle late payments (BEIS, Press Release, 4 October 2018, link).
For more information or interview opportunity, please contact Alex on 020 7219 1613 or at firstname.lastname@example.org