Gosport MP Caroline Dinenage has welcomed the news that 37 local businesses have received financial loans from the Governments Start-Up Loan initiative. Supporting newly-created enterprises, the initiative has nationally lent £436 million to 57 000 companies, creating more than 56,600 jobs. This includes a total of £327,945 given to small and medium enterprises (SMEs) in the Gosport constituency from March 2012.
The Government-owned British Business Bank has also recently launched an online Finance Hub to help entrepreneurs identify and access the right type of finance. The hub contains a checklist to help businesses get 'investor ready,' articles from finance providers and case studies from a broad range of sectors.
Britain's 5.7 million SMEs are the backbone of the economy, accounting for 60% of employment in the private sector. In Gosport, which has the second lowest employment to population ratio - 0.5 jobs available per person – enterprises and employment opportunities are especially important for economic growth and regeneration.
"Having started a business myself at the age of 19 I know how difficult it can be to kick-start an enterprise and keep it afloat. I am delighted that Gosport residents have the opportunity to act on their entrepreneurial ideas by accessing the right type of finance. The Start-Up Loan initiative has been able to encourage and help local businesses in the area, offering employment opportunities in the peninsula."
For more information about the British Business Bank please visit https://www.british-business-bank.co.uk/finance-hub/.