Start-up loans growing new businesses in Old Bexley & Sidcup

James Brokenshire has welcomed new figures that show the Government’s Start-Up Loans Scheme has helped establish 21 new businesses in Old Bexley and Sidcup, creating new jobs and bringing new growth to the UK economy.

The Government made roughly £148,000 of loans available to local entrepreneurs as part of the Start-Up Loans Scheme which has provided almost 11,000 businesses in London and the South East with loans totalling more than £50million.

In addition to funding, the Start-Up Loans scheme provides loans and mentoring support to people who want to start their own businesses. In total, the scheme has helped businesses generate more than 32,000 jobs nationally and help the UK further along the road to economic recovery.

Commenting on the release of the figures, James said:

“New businesses are the lifeblood of our local economy and I am regularly reminded of how hardworking entrepreneurs and business owners are bringing our economy back to life when I see new and exciting high street businesses opening in Bexley, Sidcup, Welling and Blackfen.”

“This Government backs small businesses as part of our long term economic plan and today’s figures show just how the Start-Up Loan scheme is helping to do that. In addition, if a Conservative Government is returned after this year’s election, we will go even further by tripling the number of people who will get Start-Up Loans to 75,000 by 2020, providing even more people with the modest injections of funding they need to grow their businesses and create jobs.”