Worcester’s MP Robin Walker has welcomed new figures showing the Conservatives’ Start-

Up Loans and New Enterprise Allowance schemes are supporting people in Worcester to set

up their own business – helping to provide growth and jobs for hardworking families in our

area. He has also welcomed the UK becoming the leading Country in Europe and one of the

top 3 in the world for female entrepreneurship.

 

The figures show that Start-Up Loans have helped 33 people in Worcester to set up a

business with £155,983 worth of loans since the scheme launched in 2012. The New

Enterprise Allowance has also helped another 120 people to launch their own business in

the city. Across Worcestershire a total of 737 new businesses have been created across the

two schemes.

 

Small businesses are an essential part of our community, bringing jobs and economic

security. Encouraging business creators is a vital part of our long-term economic plan to

secure a better future for Britain. Earlier this week the Telegraph reported that the UK will

this year see its highest ever number of start-up businesses.

Across Britain 30,000 people have now benefitted from Start-Up loans scheme – with £155

million lent to help new businesses get going. This is progress towards the Conservatives

commitment to increase the number of loans to 75,000.

 

The New Enterprise Allowance scheme, which launched in 2011, has seen another 70,000

new businesses set up. The scheme – which is available to jobseekers, and those claiming

Income Support or Employment and Support Allowance – gives those with a feasible

business idea support from a business mentor to help them develop their plan, and then

seed funding if the plan is approved.

 

At the same time the Global Economic Development Index has launched its Female

Entrepreneurship index which measures how well countries support female entrepreneurs.

The UK has this year risen from seventh to third place in the world and the top country in

Europe overtaking Sweden France and Germany for its success in supporting women to

create businesses.

 

Robin Walker commented:

‘The Conservatives back the small businesses which bring jobs to our local community, and

our long-term economic plan is aiming to make Britain the best place in the world to start and

grow a business. I have always been proud to listen to small businesses in Worcester and to

raise their concerns both in Parliament and during my time on the BIS Select Committee.

‘These figures show that our Start-Up Loans and New Enterprise Allowance are helping us

to do just that, with 153 people here in Worcester supported, so that new companies can be

launched and new jobs for hardworking people are created. As PPS to the Secretary of

State for Women and Equalities and as the MP representing Worcester Woman, I am

particularly pleased to see how well this is working for female entrepreneurs.”

‘This support is giving people in all parts of the country the chance to fulfil their ambition to

set up their own business, and as a One Nation government we will take this further over the

next five years, with a commitment to increase the number of Start-Up Loans to 75,000, as

we work to create jobs and opportunities for families across Britain.’

 

Notes to Editors

 Start-up Loans are helping new business across Britain. The Start-Up Loans

scheme provides loans and mentoring support to people wanting to set up a business.

30,000 Start-Up Loans, worth £155 million, have now been awarded. We are committed

to increase the number of loans to 75,000 (Start Up Loan Company data, as at 30 May

2015).

 A five week national tour has been launched to help boost the number of

businesses started this year to a record 600,000. The Prime Minister helped launch

the StartUp Britain campaign tour – which will see start-up experts and champions travel

to 25 different places across England, Scotland and Wales to support tens of thousands

of people looking to start a business (StartUp Britain press release, 23 June 2015).

 70,000 businesses have been set up as a result of the New Enterprise Allowance.

The scheme, which launched in 2011, provides business mentoring to help benefit

claimants with a business idea to develop a business plan, and if it is approved seed

funding up to £1,274 over 26 weeks. It is available to Jobseeker’s Allowance claimants,

people who are claiming Income Support as lone parents or who are sick, people on

Employment and Support Allowance, and eligible Universal Credit claimants (DWP press

release, 24 June 2015, link).

 Small businesses are an essential part of the economy. Over 99 per cent of British

businesses are small in size, with fewer than 50 employees. Small businesses account

for one third of private sector turnover and are responsible for 48 per cent of private

sector employment (BIS, Business population estimates 2014, 26 November 2014, link).

 

The figures below break this down across the County of Worcestershire:

NewEnterpriseAllowance -BusinessstartsStart-UpLoansMadeStart-UpLoansvalueTotalBusiness startsConstituency

Bromsgrove 100 25 £113,430 125

Mid Worcestershire 70 19 £105,260 89

Redditch 70 20 £99,245 90

West Worcestershire 120 36 £145,961 156

Worcester 120 33 £154,983 153

Wyre Forest 100 24 £165,810 124

Worcestershire Total 580 157 £784,689 737

The GEDI Female Entrepreneurship Index 2015

Last week, 2015 Female Entrepreneurship Index Research published by the Global

Entrepreneurship and Development Institute (GEDI) found that Britain is the best

place in Europe and the third best place in the world for female entrepreneurs1. This

year, Britain climbed from 7th place into the top 5, displacing Sweden, France, and

Germany.

The Index utilizes an established theoretical framework to measure entrepreneurial

environment ecosystem and individual aspirations, and score nations from 0 to 100.

The top 10 countries of 2015 are below:

Rank Country Score

1 United States 82.9

2 Australia 74.8

3 United Kingdom 70.6

4 Denmark 69.7

5 Netherlands 69.3

6 France 68.8

7 Iceland 68.0

8 Sweden 66.7

9 Finland 66.4

10 Norway 66.3

About the Female Entrepreneurship Index (FEI)

The Index focuses on high potential female entrepreneurs who are defined as

‘innovative, market-expanding, and export-oriented.’ It is now in its third year, and

replaces the Gender GEDI which studied 30 countries.

It analyses ‘entrepreneurial ecosystems’, business environments, and individual

aspirations across 77 developed and developing economies. It brings together

variables that measure individuals and institutions in a composite index that

highlights issues relevant for high potential female entrepreneurship development

and growth.

The FEI does not just measure the quantity of female entrepreneurs, it focuses on

identifying a country’s strengths and weaknesses in terms of providing the conditions

that could lead to high potential female entrepreneurship.

The FEI identified the following strengths and weaknesses in European countries:

Strengths Weaknesses

 Tech Sector Businesses

 Secondary Education

 SME Support and Training

 Opportunity Recognition

 Perception of Skills

 Knowing an Entrepreneur

1 http://thegedi.org/2015-female-entrepreneurship-index-press-release/