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New Businesses: Females

Question for Department for Business, Energy and Industrial Strategy

UIN 174162, tabled on 12 September 2018

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has made an assessment of the effectiveness of Growth Hubs in supporting women who want to start and grow a business; and if he will make a statement.

Answered on

9 October 2018

There are currently 38 Growth Hubs across England, led and governed by Local Enterprise Partnerships (LEPs), providing free and impartial advice and support to anyone wishing to start and a grow a business. At March 2018, Local Enterprise Partnerships have self-reported that since 2015 their Growth Hubs have helped over 26,000 entrepreneurs start their own business.

There are now 1.1 million women-led small and medium-sized businesses in the UK and I want to see that number grow. Access to finance is key area that can support that aim and I am pleased to report that the government-supported Start-Up Loans Company has provided loans worth nearly £436 million to those wishing to start a business, of which nearly 40% have been given to female entrepreneurs at March 2018.