More than £2 million in Government backed start-up loans for hundreds of businesses across the Chipping Barnet constituency has been welcomed by MP Theresa Villiers.
The money ensures viable start-ups and early-stage businesses have access to funds to help them thrive. In Chipping Barnet, 232 businesses have benefitted since 2012.
So far, the British Business Bank programme has given 100,000 loans, worth more than £941 million, to businesses throughout the UK. In the Greater London region, more than £192m in funding has been delivered through 20,937 loans.
“I am really pleased to hear that so many businesses in Barnet have received this help; it shows that the Government is committed to growing the bedrock of our economy – the small business sector,” Theresa said.
“The breakdown of loan recipients shows that 40% are given to women and 20% to people from ethnic minorities. Young people between 18-24 years old have received 14% of loans since 2012. So this is a really inclusive scheme. That is one of the reasons I championed it when I was in Government."
“Many businesses with excellent ideas or products can fail because of difficulty in getting finance when they are just getting going. This programme is helping ensure they get the chance to expand, create jobs and boost the economy.”
Total funding for the Chipping Barnet constituency so far is £2,155,812.