Context
The question arises from the need to support the growth of co-operatives and social enterprises, which are seen as fairer ways of doing business.
Question
What steps she is taking to help support the growth of co-operatives and social enterprises. Co-operatives and social enterprise businesses provide a fairer way of doing business, involve members in greater business decisions and provide economic growth for local areas. However, they are being held back by financial and regulatory constraints.
Answer from Kevin Hollinrake
This week, I spoke to a conference attended by building societies about how we can increase presence on the high street to help with access to cash and finance facilities. The Government provide extensive business support to all businesses, including social enterprises and co-operatives. The British Business Bank's recovery loan scheme and start-up loans improve access to finance to help those kinds of businesses to invest and grow. Personally, I am a big fan of co-operative movements and the regional mutual bank system in Germany, which I have spoken about many times in this place. Of course, the Government supported the Co-operatives, Mutuals and Friendly Societies Act 2023, which helps to maintain the status of co-operatives. Social enterprises and co-operatives can also access support via the business support helpline as well as help through our websites and our network of local growth hubs.
Not addressed: The specific ask about doubling the size of the co-operatives sector was not addressed.
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