Worcester’s MP Robin Walker has welcomed new figures showing the Conservatives’ Start-Up Loans and New Enterprise Allowance schemes are supporting people in Worcester to set up their own business – helping to provide growth and jobs for hardworking families in our area. He has also welcomed the UK becoming the leading Country in Europe and one of the top 3 in the world for female entrepreneurship.
The figures show that Start-Up Loans have helped 33 people in Worcester to set up a business with £155,983 worth of loans since the scheme launched in 2012. The New Enterprise Allowance has also helped another 120 people to launch their own business in the city. Across Worcestershire a total of 737 new businesses have been created across the two schemes.
Small businesses are an essential part of our community, bringing jobs and economic security. Encouraging business creators is a vital part of our long-term economic plan to secure a better future for Britain. Earlier this week the Telegraph reported that the UK will this year see its highest ever number of start-up businesses.
Across Britain 30,000 people have now benefitted from Start-Up loans scheme – with £155 million lent to help new businesses get going. This is progress towards the Conservatives commitment to increase the number of loans to 75,000.
The New Enterprise Allowance scheme, which launched in 2011, has seen another 70,000 new businesses set up. The scheme – which is available to jobseekers, and those claiming Income Support or Employment and Support Allowance – gives those with a feasible business idea support from a business mentor to help them develop their plan, and then seed funding if the plan is approved.
At the same time the Global Economic Development Index has launched its Female Entrepreneurship index which measures how well countries support female entrepreneurs. The UK has this year risen from seventh to third place in the world and the top country in Europe overtaking Sweden France and Germany for its success in supporting women to create businesses.
Robin Walker commented:
‘The Conservatives back the small businesses which bring jobs to our local community, and our long-term economic plan is aiming to make Britain the best place in the world to start and grow a business. I have always been proud to listen to small businesses in Worcester and to raise their concerns both in Parliament and during my time on the BIS Select Committee.
‘These figures show that our Start-Up Loans and New Enterprise Allowance are helping us to do just that, with 153 people here in Worcester supported, so that new companies can be launched and new jobs for hardworking people are created. As PPS to the Secretary of State for Women and Equalities and as the MP representing Worcester Woman, I am particularly pleased to see how well this is working for female entrepreneurs.”
‘This support is giving people in all parts of the country the chance to fulfil their ambition to set up their own business, and as a One Nation government we will take this further over the next five years, with a commitment to increase the number of Start-Up Loans to 75,000, as we work to create jobs and opportunities for families across Britain.’