Greg Hands MP has welcomed new figures that show the Government’s Start-Up Loans Scheme has helped 78 people in Chelsea and Fulham set up their own business – helping to provide growth and jobs for hardworking families across Britain.
The Start-Up Loans scheme provides loans and mentoring support to people who want to start their own businesses. Across the country, 25,000 Start-Up Loans have now been awarded, worth a total of nearly £130 million, and generating more than 32,000 new jobs. In London alone 6,841 loans were awarded, to the value of £39 million, with 78 right here in Chelsea and Fulham.
Businesses are an essential part of building our communities, bringing jobs and economic security to towns and cities across the UK. Encouraging business creators is a vital part of our long-term economic plan to secure a better future for Britain.
Greg Hands, MP for Chelsea and Fulham, commented: “The Conservatives back the small businesses which bring jobs to our local communities, and our long-term plan is aiming to make Britain the best place in the world to start and grow a business. Today’s figures show that Start-Up Loans are helping us to do that - here in Chelsea and Fulham £503,000 has been lent to 78 people and their new businesses.
“This is helping more businesses create more jobs - and crucially, it means that potential and ideas don’t go to waste. If the Conservatives win the election, we will go even further – tripling the number of people who will get Start-Up Loans to 75,000 by 2020, so even more people have the support they need to grow their businesses and create jobs.
“New businesses are the lifeblood of a healthy local economy, helping to create the growth and jobs that provide security and peace of mind for hardworking taxpayers. That’s why as part of our long-term economic plan we will keep supporting hardworking people who aspire to start their own businesses.”
James Caan CBE, chairman of the Start Up Loans Company, said, “The creation of 25,000 new businesses is a significant achievement and everyone involved – the government, the Start Up Loans Company, and the loan recipients themselves – should be immensely proud”.
The Start Up Loans scheme is just one way in which government supports those starting their own businesses and those looking to grow, including small businesses: 450,000 small businesses will pay no National Insurance at all creating one of the most competitive tax regimes in the world to help UK business attract investment and grow – including through Seed Enterprise Investment Scheme, R&D tax credits and Annual Investment Allowance.