The Industrial Strategy aims to make the UK the best place in the world to start or grow a business. The Start Up Loans programme helps individuals access the necessary finance to start or grow a business in the UK. In addition to receiving a loan, applicants are offered free business support and access to a business mentor for 12 months after receiving funding, thereby enhancing their chances of success. Individuals can borrow between £500 and £25,000 and loan repayment periods are between one and five years.<\/p>
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The Start Up Loans programme is managed by the Start Up Loans Company, a subsidiary of the British Business Bank. At the end of July 2018 the Start Up Loans programme had lent £436m to over 57,000 entrepreneurs.<\/p>
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Since the inception of the programme in 2012, 808 loans have been distributed in Nottinghamshire at a value of £5.4m with repayments of £2.2m to date.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4487", "label" : {"_value" : "Biography information for Kelly Tolhurst"} } , "answeringMemberConstituency" : {"_value" : "Rochester and Strood"} , "answeringMemberPrinted" : {"_value" : "Kelly Tolhurst"} , "dateOfAnswer" : {"_value" : "2018-09-12", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-09-12T17:02:25.577Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "201"} , "answeringDeptShortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "answeringDeptSortName" : {"_value" : "Business, Energy and Industrial Strategy"} , "date" : {"_value" : "2018-09-04", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "New Businesses: Nottinghamshire"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Business, Energy and Industrial Strategy, how much funding was awarded to businesses in Nottinghamshire under the Government-backed start-up loans scheme; and how much of that money has been repaid to date.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4663", "label" : {"_value" : "Biography information for Ben Bradley"} } , "tablingMemberConstituency" : {"_value" : "Mansfield"} , "tablingMemberPrinted" : [{"_value" : "Ben Bradley"} ], "uin" : "170444"} , {"_about" : "http://data.parliament.uk/resources/943874", "AnsweringBody" : [{"_value" : "Department for Business, Energy and Industrial Strategy"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/943874/answer", "answerText" : {"_value" : "
We want the UK to be the best place to start or grow a business and we are supporting SMEs to do so. As part of the Industrial Strategy we have an action plan to unlock over £20bn of investment in innovative and high potential businesses. As part of this, British Patient Capital \u2013 a wholly-owned commercial subsidiary of the British Business Bank \u2013 has been given resources of £2.5bn and will deliver a new programme designed to support UK businesses with high growth potential to access the long-term financing they need to scale up.<\/p>
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We have also created a network of 38 Growth Hubs across England, and we are tackling late payments by appointing a Small Business Commissioner.<\/p>
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Growth Hubs are a single point of contact providing SMEs with access to information and advice. The D2N2 Growth Hub - operating in the Derby, Derbyshire, Nottingham and Nottinghamshire area - has had 6,583 interactions with SMEs since its launch in December 2015.<\/p>
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SMEs across the UK benefit from programmes operated by the Government-owned British Business Bank (BBB). BBB programmes are currently supporting £575.2m of finance for SMEs in the East Midlands Region, across 3,669 businesses. Also, as of 31 March through the BBB-owned Start-Up Loans programme, 779 loans have been made to individuals in Nottinghamshire, totalling £5.2m.<\/p>
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The Business Support Helpline, Government\u2019s free centralised business advice and support service, has received 432 contacts from the Nottinghamshire area since 2015.<\/p>
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Since 2015/16 nearly 70 SMEs in the Nottinghamshire area have received Innovate UK funding in total and this includes some companies who are in receipt of multiple awards. Innovate UK is the UK\u2019s innovation agency, driving productivity and economic growth by supporting businesses to develop and realise the potential of new ideas.<\/p>
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