Small Businesses: Government Assistance
(asked on 21st February 2020) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he plans to take to support small businesses in (a) Harlow and (b) the UK.
The Government-backed British Business Bank helps to drive economic growth by making finance markets work better for smaller businesses, enabling them to prosper and grow. The British Business Bank is currently supporting over £7.2bn of finance to over 93,000 SMEs across the UK (as at September 2019). The Bank’s Online Finance Hub offers independent and impartial information on different finance options, helping smaller businesses to identify the right finance options for their needs.
The Bank’s Start Up Loans programme has delivered over 69,000 loans worth over £565m since it was established in 2012. In Harlow, the programme has delivered 75 loans worth over £598,000. Each Start Up Loan comes with 12 months free mentoring and support.
Harlow has also been invited to develop proposals a Town Deal of up to £25 million. The new Town Board met for the first time in January and is developing a Town Investment Plan. The Towns Fund will address various town centre issues, including business environment.
The objective of the Towns Fund is to drive the economic regeneration of towns to deliver long term economic and productivity growth, including through ensuring towns have the space to support small business development.
Harlow Enterprise Zone (EZ) is one of 45 government-designated EZs which aim to incentivise small business start-ups and growth principally by offering business rates relief and simplified planning. Key objectives include attracting increased inward investment, and the creation of job opportunities for local residents.
Government supports a network of 38 Growth Hubs across England, which offer free expert advice to on the most suitable business finance as well as access to regional and national organisations and networks. Businesses in Harlow and across Essex are encouraged to access support and advice at South East Business Hub[1].
Harlow firms are also encouraged to access the BEST (Essex) Growth Hub. Although physically based in Southend, the Growth Hub’s services are available to Harlow businesses.
The recently launched Government’s own Business Support Website brings together on one new and easy-to-use site, information, support and advice to businesses in England. The support is organised around four themes: Finance and business planning; Leadership and talent; Innovation and technology; and Exporting. The site also offers a live web chat facility with business advisers and the Business Support Helpline – 0300 456 3565.