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<p>Improving access to finance is the mission of the Government-owned British Business
Bank, which addresses gaps in the finance market through guarantees, debt and equity
finance. The bank is currently supporting around £5.2 billion of finance to almost
75,000 businesses across the United Kingdom, including through British Patient Capital,
a £2.5bn fund for long-term equity investment.</p><p>From March 2012 to July 2018,
the Start-Up Loans initiative delivered more than 57,000 loans across all parts of
the UK, lending a total of £436 million and contributing to the creation of more than
56,600 jobs. Over the same period, 49 start-up loans with a total value of £366,644
were awarded to entrepreneurs in Kettering.</p><p>Access to invoice finance is an
issue for many small businesses, because of terms in commercial contracts that prohibit
or restrict them from assigning the value of their invoices. I have recently introduced
regulations to ensure that any such contractual restrictions entered into after 31
December 2018, with certain exceptions, would have no effect and could be disregarded
by small businesses and finance providers. This new measure is expected to provide
a long-term boost to the UK economy worth almost £1billion.</p>
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