New Businesses: Young People

(asked on 21st July 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 (a) funding from the public purse and (b) support the Government is providing for young entrepreneurs in (i) Feltham and Heston constituency and (ii) the UK.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 1st September 2020

The Start Up Loans company, part of the Government-backed British Business Bank, provides loans to start and grow new businesses. Since the programme’s launch in 2012, 2,550 loans have been made in the London region worth £17,460,947 to entrepreneurs aged 18-24. In the same period, 4,935 loans have been made worth £40,522,593 in the London region to individuals aged 24-30. This information is not held by constituency.

Business Support Helpline is a national service that provides information to help entrepreneurs of all ages to start up. In the past 12 months the Helpline supported 534 entrepreneurs under the age of 25 and in London Economic Action Partnership area covering Feltham and Heston.

Nationally, as part of the Plan for Jobs, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced on 8 July 2020, businesses will be given £2,000 for each new apprentice hired under the age of 25. This will be in addition to the £1,000 payment the Government currently provides for new 16-18-year-old apprentices and those aged under 25 with an Education, Health and Care Plan. £111 million was also announced to triple the scale of traineeships in the UK.

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