Government-backed Loans: SMEs

Question

I recently met Matthew Pendleton, who owns Apawtiser, a high-quality dog treat company. The company grew legs because processed dog food had made his pet dog violently ill. Matthew now needs the finances so that he can continue to expand, employ more staff and get Apawtiser on the national pet food map. I want to see businesses such as these succeed in my area, and Matthew’s small ask is: will the Government step in with the offer of an underwritten loan?

Question

First-of-a-kind technologies such as DRIFT Energy in Bath face serious investment challenges and difficulties in accessing grant funding from any Government Department. DRIFT is a groundbreaking renewable energy innovator that could rapidly scale and contribute to the UK’s energy independence. What are the Government doing to ensure that first-in-kind technologies in particular receive the support that they need here in the UK, rather than being forced to go abroad?

Question

As well as the British Business Bank, the National Wealth Fund plays a crucial part in investing taxpayers’ money. I welcome the Government’s response to the Select Committee’s report on that issue. Will the Minister indicate when the National Wealth Fund will have the ability to borrow from private markets in order to increase its independence, secure funding for infrastructure, and get the taxpayer off the hook?

Question

Has the Minister assessed what proportion of British Business Bank grant funding goes to the smallest of businesses? One in four people in my constituency works for themselves or for very small businesses. To what extent is she working to ensure that smaller businesses—those employing 10 people or fewer, which are the very bedrock of our economy in the lakes and dales in Cumbria—know about the availability of those loans and are talked through the difficult process of applying for and receiving them, so that we can invest in rural communities like mine?