Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps her Department has taken to increase opportunities for economic growth in (a) Foyle constituency and (b) Northern Ireland in the last three years.

At Spending Review 2021, the government announced a £1.6 billion commitment to the nations and regions including £70m to provide a new Investment Fund for Northern Ireland, delivered by the British Business Bank. Other British Business Bank programmes are demand-led, without any geographical allocation.

Government supports early-stage entrepreneurs from all areas of the UK through the Start Up Loans Company. As of August 2023, 87 loans were issued to SMEs in Foyle, with a total value of £609,680.

Department for Business and Trade officials based in Northern Ireland also support local businesses to export and expand internationally.