New Businesses: Ethnic Groups and Women
The question
To ask the Secretary of State for Business and Trade, what steps he is taking with Cabinet colleagues to help encourage (a) women and (b) people from ethnic minorities to found start-up companies.
Answered by Gareth Thomas
This government is working to advance equality of access to start-up opportunities irrespective of gender or race. Everyone who can and wants to set up a small business should have access to support to do so, whether through direct government support or through programmes delivered by mayors and other institutions. Ensuring this support can be accessed by all is key to the government’s mission to secure economic growth and boost productivity throughout the UK. All businesses can access support via, Help to Grow Management, Growth Hubs, and the British Business Bank.
The government’s Start Up Loans programme provides finance and mentoring support to founders, with 40% of loans going to women and 21% to people from ethnic minorities.
The government-backed and industry-led Invest in Women Taskforce is working to make entrepreneurship more accessible to women, so that 30% of all businesses are female-powered by 2030.
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