Member of Parliament for North East Hertfordshire, Sir Oliver Heald, has expressed his support for a government scheme targeting small and medium businesses which has already provided 47 loans to businesses, with a total value of £390,030, in the constituency.
This scheme has been successful in reaching groups who may find it harder to access finance from commercial lenders. For example, 39% of entrepreneurs benefitting from a start-up loan are women and 21% are from an ethnic minority background, as compared to 19% and 4% in the SME population as a whole.
Sir Oliver is a long-standing champion of small and medium enterprises, having pressed the government on practical support for these businesses on a number of occasions.
Commenting, Sir Oliver said, “I am delighted that the Government is helping businesses in our constituency thrive and I welcome their continued efforts.”
From March 2012 to July 2018, the Government’s successful Start-Up Loans initiative delivered more than 57,000 loans across all parts of the UK, lending a total of £436 million and contributing to the creation of more than 56,600 jobs.
The Government has committed to increasing this support so that 75,000 start-up businesses will have been supported by the end of this Parliament.