PARLIAMENTARY WRITTEN QUESTION
New Businesses: Loans (2 September 2016)

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether his Department provide any alternative support for people who have been refused a Start-up loan due to their credit score.

Asked by:
Chris Elmore (Labour)

The Start Up Loans Company assess applications based on a range of factors including business viability and affordability. If an application does not meet the lending criteria an applicant will be signposted to a number of credit reference agencies to obtain a copy of their credit report. Additionally, they will be signposted to other lending organisations and charities that may be able to help them.

There are also other Government supported schemes to help people who want to set up and grow a business. The 39 Growth Hubs across England provide support to help businesses start-up and grow with the Business Support Helpline also providing information and guidance. In addition, individuals and small businesses can access the British Business Bank’s Business Finance Guide, which aims to ensure individuals understand the finance options available to them.

Answered by:
Margot James (Conservative)
8 September 2016