New Businesses: Finance
The question
To ask the Secretary of State for Business and Trade, what steps he is taking to help ensure the fair regional distribution of funding from the £500 million support package for underrepresented entrepreneurs.
Answered by Gareth Thomas
The new funding for entrepreneurs from underrepresented groups will be fairly distributed across the UK. Since the British Business Bank's founding, the Bank has backed businesses in all nations and regions of the UK, helping to deliver significant economic impacts.
The 10 Year Impact Report shows that 84% of the supported businesses have been based outside of London. The estimated GVA impact from the Bank's support reaches or exceeds £1bn in each and every nation and region. This is accompanied by tens of thousands of jobs being supported in each nation and region as well as boosting economically significant job creation.
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